CZ Saves the Day: Solving Bull Market Bitcoin Withdrawal Issue
Due to an unexpected increase in the gas charge for the Bitcoin network, Binance has halted Bitcoin withdrawals twice in the past 24 hours. CZ now solving Bull Market Bitcoin Withdrawal Issue.
Binance recently tweeted that they have stopped many waiting transactions and were attempting to quickly resume BTC withdrawals. Due to high gas prices, there are currently approximately 500,000 waiting transactions on the Bitcoin network, according to on-chain data.
Keys Takeaways:
- Binance stopped Bitcoin withdrawal two times in the previous 24 hours.
- There are approximately 5,00,000 waiting transactions on the Bitcoin network due to the high gas prices.
- Within an hour, the staff is trying to restart the transactions.
- Ordinals create non-fungible tokens for the first time.
- Due to the growing size of the block and wide use of Taproot, the transaction cost rises.
With a market worth of $546 billion and a price of $28,228, Bitcoin has experienced significant selling pressure due to recent events.
Bitcoin Withdrawal Issue
Binance stopped BTC withdrawals for approximately 90 minutes on Sunday, 7 May, citing blockchain congestion as the cause. Due to this, five times the next platform OKX Binance exchange volumes topped $6 billion on the previous day.
While stating that they are restoring the pending transactions of BTC withdrawal with greater costs so that the mining pool accepted them, Binance reassured investors that the money remains SAFU.
A while ago, the exchange announced that within an hour, its staff was trying to restart transactions.
The Bitcoin engineer created a mechanism named Ordinals in 2023. This mechanism would help create non-fungible tokens (NFT) for the first time. As a result, the number of transactions on the Bitcoin blockchain has increased.
Co-founder of the social trading website Alpha Impact, Hayden Hughes, claims that Ordinals caused a significant increase in congestion and network.
Interestingly, on Sunday, usage of Bitcoin Taproot increased, which makes confidential transactions. According to Colin Wu, a cryptocurrency journalist, as Taproot becomes more widely used, block sizes are growing, raising transaction costs.
Crypto Titans Left In Shock after Bitcoin Withdrawal Issue
Crypto Pump Master took to Twitter and made an announcement that Due to an increase in the cost of Bitcoin gas, Binance paused withdrawals for the second time in 12 hours.
HODLers took to Twitter and announced that due to extreme network congestion, Binance stopped Bitcoin transactions. There are 500K pending transactions.
Crypto Nyan took to Twitter and made an announcement Binnace stopped the Bitcoin withdrawal, and the staff is trying to resume the transaction as soon as possible.
Do You Know?
- On May 2023, the Czech Republic’s leading stock exchange, Praha, experienced a bull market issue that caused an issue with Bitcoin withdrawals.
- The issue was caused by an increase in demand for Bitcoin, which the exchange was not able to keep up with due to limited liquidity.
- This issue caused a halt to Bitcoin withdrawals for a short period of time until the Praha Exchange was able to resolve the issue.
- During the time of the issue, the price of Bitcoin rose significantly, resulting in a surge in the crypto market.
- The Praha Exchange quickly responded to the issue and was able to resolve it, restoring Bitcoin withdrawals back to their regular state.
Crux:
Binance halted Bitcoin withdrawal transactions two times in the previous 24 hours. Due to the current price of $28,228ht and the market worth of $546, Bitcoin faced selling pressure. Binance stated that the staff is trying to restart the transactions.