A purported overflow of transactions on the itcoin">Bitcoin network prompted cryptocurrency exchange Binance to stop accepting itcoin">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 itcoin">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 itcoin">Bitcoin transaction to its greatest level in the previous two years. On May 3, the total fees paid on the itcoin">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.
itcoin">Bitcoin is presently worth $28,935, a decrease of 0.15% over the previous 24 hours.
