A purported overflow of transactions on the Bitcoin network prompted cryptocurrency exchange Binance to stop accepting Bitcoin withdrawals on May 7.
However, shortly after almost 2 hours, the company resumed withdrawals following its initial Twitter posting about pausing of withdrawals.
Binance has previously suspended Bitcoin withdrawals, including an instance in June of last year where Changpeng Zhou, the platform’s founder, and CEO, revealed that they had put a pause on the withdrawals due to a backlog created by a single stuck transaction.
According to statistics from CryptoQuant, outflows on the cryptocurrency exchange reached a peak on Sunday and reached $187 million. The increase of BRC-20 transactions over the last few days brought on by meme-coins like Pepe (PEPE) is thought to be the cause of the bottleneck. The buzz around meme-coin trading increased the cost of a Bitcoin transaction to its greatest level in the previous two years. On May 3, the total fees paid on the Bitcoin blockchain hit $3.5 million, an increase of roughly 400% from late April. The highest-profile cryptocurrency exchange failure to date is the fall of FTX, which was previously valued at $32 billion. According to Reuters, traders withdrew $6 billion from the site in only three days, and rival exchange Binance abandoned a rescue plan.
Bitcoin is presently worth $28,935, a decrease of 0.15% over the previous 24 hours.
