On the morning of May 7, EST, Binance temporarily suspended Bitcoin (BTC) withdrawals as the Bitcoin blockchain was congested, slowing transactions and increasing fees.
Less than two hours after the first Twitter post about withdrawals, withdrawals have resumed.
Nearly 400,000 transactions are awaiting verification, according to on-chain data, higher than seen during the 2018 and 2021 bull markets.
Transaction fees have also risen sharply since March, marking the highest level in two years. Transaction fees are now just over $8, up about 300% from a year ago.
“The current spike in fees is insane,” Colin Harper, head of content at BTC mining pool Luxor Technologies, told CoinDesk.
“The biggest difference between this spike in fees and past increases is the emergence of a new standard, BRC-20, which is driving up fees,” Harper said.
Inscriptions by Bitcoin Ordinals that adopt the BRC-20 standard, so-called Bitcoin NFTs, currently exceed 14,000, with a market capitalization of 482 million dollars (approximately 65.1 billion yen, equivalent to 135 yen to the dollar).
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: Danny Nelson/CoinDesk
｜Original: Bitcoin Network Congestion Causes Binance to Pause Withdrawals
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