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Binance Shuts Down BTC Withdrawals Amid Bitcoin Network Congestion

Published on

May 7, 2023
Read Time:1 Minute, 45 Second

Crypto trade Binance closed Bitcoin (BTC) withdrawals on Could 7 on account of an alleged overflow of transactions on the Bitcoin community.

Bitcoin mempool was clogged with over 400,000 transactions wait being processed on the time of writing. The mempool is named the "ready space" for incoming transactions earlier than they're independently verified by every node within the community.

Bitcoin mempool at 16:42 UTC on Could seventh. Supply: mempool.house

binance tweeted that BTC withdrawals have resumed after virtually an hour's hiatus. Outflows on the crypto trade peaked on Sunday, rising in line with CryptoQuant to $187 million.

Behind the congestion is believed to be a spike in BRC-20 transactions over the previous few days on account of memecoins like Pepe (PEPE). The memecoin buying and selling hype drove bitcoin transaction charges to their highest degree in two years. On Could 3, the full quantity of charges paid for the Bitcoin blockchain reached $3.5 million, up practically 400% from the tip of April, Cointelegraph reported.

Bitcoin outflow on Binance within the final seven days. Supply: CryptoQuant.

Developed after Ethereum's ERC-20 token commonplace, BRC-20 is an experimental token commonplace that was just lately launched and permits customers to create and switch fungible tokens on the Bitcoin blockchain. It's at the moment rising as a hotspot for meme tokens.

Knowledge from CoinMarketCap shows that the value of PEPE has elevated by over 263% within the final week. As of this writing, nevertheless, the memecoin is down over 7% after falling 30% on Could 6 as whales benefited from Binance's current itemizing. The crypto exchanges MEXC International, Bitget, Gate.io and Huobi listed PEPE buying and selling pairs two weeks in the past, triggering the token hype.

Because the launch of Dogecoin in 2013, memecoins have turn into an necessary a part of the cryptocurrency world, making and ruining fortunes in equal measure. Investopedia Are defined a cryptocurrency memecoin “represented with comical or animated memes endorsed by avid on-line merchants and followers.”

Journal: Bitcoin in Senegal: Why is that this African nation utilizing BTC?



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : May 7, 2023
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