Binance Resumes Bitcoin Withdrawals After a Temporary Halt Due to Network Overload

The latest data from May 7 shows that Binance, the biggest cryptocurrency exchange in the world, has resumed bitcoin (BTC) withdrawals after a one-hour break.

Binance said that they were stopping Bitcoin transfers because of what they called “severe congestion.”

Even though this was an unpopular move, they said their technology team was working hard behind the scenes to find a quick solution. Binance hoped the network would stabilize, making Bitcoin deals fast and cheap.

Binance told their customers that all their money was safe and they had nothing to worry about.

There may be much traffic on Bitcoin because more people are using non-fungible coins (NFTs). It’s even worse now that the BRC-20 standard has come out. The most recent reports show that the mempool is waiting on more than 400,000 transfers. In the last few hours, the number has been between 397K and 403K.

After stopping transfers for an hour, Binance has let people receive BTC.

Mempool shows that there are still over 400,000 transactions that still need to be confirmed. It needs to be clarified if the problem has been fixed. Even though Binance moved, this means that the Bitcoin network is complete.

The increasing inscriptions and BRC-20 tokens

Since then, over 4.3 million inscriptions have been added to the Bitcoin Ordinals platform and saved in Bitcoin. Notes have been slowly rising over the past few weeks.

According to the most recent information from Dune analytics, about 320,000 signatures are added to Bitcoin blocks daily. This is 16 times more than in the early days.

The rise of BRC-20 is likely to blame for the recent increase of inscriptions. Some exchanges, like Binance, list coins that meet this standard. One of the most popular BRC-20 coins is PEPE. It is worth more than $1b on the market.