{"id":138704,"date":"2023-05-08T06:26:12","date_gmt":"2023-05-08T06:26:12","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=138704"},"modified":"2023-05-08T11:29:20","modified_gmt":"2023-05-08T11:29:20","slug":"binance-resumes-btc-withdrawals-after-pausing-it-twice-in-less-than-12-hours","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/binance-resumes-btc-withdrawals-after-pausing-it-twice-in-less-than-12-hours\/","title":{"rendered":"Binance Restores Bitcoin (BTC) Withdrawals After Two Brief Pauses"},"content":{"rendered":"<p style=\"text-align: justify\">The largest cryptocurrency exchange in the world, <strong><a href=\"https:\/\/crypto-economy.com\/binance-exchange-review-complete-guide\/\" target=\"_blank\" rel=\"noopener\">Binance<\/a> resumed Bitcoin (BTC) withdrawals on Monday after halting it for the second time in a day, citing congestion in the network due to large volumes.<\/strong> <!--more--><\/p>\n<p style=\"text-align: justify\">On May 7, Binance halted Bitcoin (BTC) withdrawals for about 90 minutes, blaming congestion on the token\u2019s blockchain. <strong>Data from <a href=\"https:\/\/cryptoquant.com\/asset\/btc\/chart\/exchange-flows\/exchange-outflow-total?exchange=all_exchange&amp;window=DAY&amp;sma=0&amp;ema=0&amp;priceScale=log&amp;metricScale=linear&amp;chartStyle=column\" target=\"_blank\" rel=\"noopener\">CryptoQuant<\/a> showed the platform saw it<\/strong>s <strong>highest ever net daily outflow \u2014 a net 175,646 tokens, almost a whopping $187 million<\/strong>\u2014 <strong>on the same day<\/strong>.\u00a0 Shortly after, in less than 12 hours, the crypto exchange again temporarily closed BTC withdrawals on Monday, claiming a high volume of pending transactions. Binance tweeted,<\/p>\n<p style=\"text-align: center\"><em>&#8220;<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in <\/span><span class=\"r-18u37iz\">BTC<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> network gas fees.&#8221;<\/span><\/em><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We&#39;ve temporarily closed <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">#BTC<\/a> withdrawals due to the large volume of pending transactions.<\/p>\n<p>Our team is currently working on a fix and will reopen <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">$BTC<\/a> withdrawals as soon as possible.<\/p>\n<p>Rest assured, funds are SAFU.<\/p>\n<p>&mdash; Binance (@binance) <a href=\"https:\/\/twitter.com\/binance\/status\/1655380303383261185?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 8, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: justify\">What Is The Reson Behind Congestion?<\/h2>\n<p style=\"text-align: justify\">According to <a href=\"https:\/\/mempool.space\/\" target=\"_blank\" rel=\"noopener\">data<\/a>, <strong>the Bitcoin (BTC) mempool was clogged with over 400,000 transactions.<\/strong> The mempool is known as the <em>\u201cwaiting area\u201d<\/em> for incoming transactions before they are verified independently by each node on the network. These periods of network congestion can cause a lot of discomfort for traders as deposits and withdrawal requests typically take a considerable amount of time before it goes through. Binance wrote,<\/p>\n<p style=\"text-align: center\"><em>&#8220;<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">We\u2019re replacing the pending <\/span><span class=\"r-18u37iz\">BTC<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> withdrawal transactions with a higher fee so that they get picked up by mining pools. We aim to reopen <\/span><span class=\"r-18u37iz\">BTC<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> withdrawals in the next hour.&#8221;<\/span><\/em><\/p>\n<p style=\"text-align: justify\"><strong>Several market analysts believe a dramatic surge in BRC-20 transactions in the last few days due to memecoins like Pepe (PEPE) was behind the congestion.<\/strong> BRC-20 is an experimental token standard recently introduced that allows users to create and transfer fungible tokens on the Bitcoin blockchain. In addition,<strong> hours before Binance initiated the halt in withdrawals, a Twitter user <em>&#8220;@proofofjogi&#8221;<\/em> who <span data-preserver-spaces=\"true\">claims\u00a0<\/span>to be a major node operator took to Twitter to suggest that Bitcoin (BTC) was under a DoS attack.<\/strong> He wrote,<\/p>\n<p style=\"text-align: center\"><em>\u201cHigh transaction fees are the chosen pain point by the attacker, probably to make Bitcoin (BTC) unusable for smaller players.\u201d<\/em><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin is under DoS attack. High transaction fees are the chosen pain point by the attacker, probably to makes bitcoin unusable for smaller players. <a href=\"https:\/\/t.co\/0J56liNSGf\" target=\"_blank\">pic.twitter.com\/0J56liNSGf<\/a><\/p>\n<p>&mdash; iris.to\/jogi (@proofofjogi) <a href=\"https:\/\/twitter.com\/proofofjogi\/status\/1655157035804098561?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">May 7, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2 style=\"text-align: justify\">Bitcoin (BTC) Price Takes A Hit<\/h2>\n<p style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-138716 size-full\" src=\"https:\/\/crypto-economy.com\/wp-content\/uploads\/2023\/05\/Bitcoin-3-e1683526141377.jpg\" alt=\"Bitcoin Price Takes A Hit\" width=\"825\" height=\"356\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Bitcoin-3-e1683526141377.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Bitcoin-3-e1683526141377-300x129.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2023\/05\/Bitcoin-3-e1683526141377-768x331.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<p style=\"text-align: justify\">The halt in withdrawals weighed heavily on Bitcoin (BTC) price, <strong>causing the digital token to slip more than 2% in the last 24 hours<\/strong>, according to CoinMarketCap. At the time of writing, the largest digital asset is hovering around $28,274, down 0.61% over the past seven days. This is not the first time\u00a0Binance has experienced technical issues on its platform. <strong>In March, it suspended deposits and withdrawals due to similar tech issues.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The largest cryptocurrency exchange in the world, Binance resumed Bitcoin (BTC) withdrawals on Monday after halting it for the second time in a day, citing congestion in the network due to large volumes.<\/p>\n","protected":false},"author":21,"featured_media":138753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,100,84,74],"tags":[4601,4910],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/138704"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=138704"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/138704\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/138753"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=138704"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=138704"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=138704"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}