admin
Binance restarted withdrawals of Bitcoin after citing congestion on the token’s blockchain for two halts in less than 12 hours, suspensions that weighed on cryptocurrency markets.
The company said higher fees have been applied to pending transactions so they get picked up by Bitcoin miners — the computer rigs that operate the network. Withdrawals had been down for over two hours on Monday in Asia.
“To prevent a similar recurrence in the future, our fees have been adjusted,” it said. “We will continue to monitor on-chain activity and adjust accordingly if needed.”
Pending transactions are being processed by replacing them with higher transaction fees.
We’ll post another update once these pending transactions are all processed.
Binance had also halted Bitcoin withdrawals on Sunday for about 90 minutes, blaming congestion on the token’s blockchain. Data from CryptoQuant showed the platform saw its highest ever net daily outflow of Bitcoin — a net 175 646 tokens — on May 7.
Bitcoin, the biggest cryptocurrency by market value, fell as much as 3,1 percent before paring some of the drop, and was trading at about US$28 230 as of 12:05 p.m. in Singapore. An index of the biggest 100 digital assets posted a similar decline.
Binance is by far the largest exchange in the digital-asset sector following the collapse of rival FTX last year. Volumes on the platform exceeded US$6 billion in the past 24 hours, five times as much as the next nearest platform OKX, according to data from CoinGecko.
Earlier this year Bitcoin developer Casey Rodarmor released a protocol — called Ordinals — that helped people mint nonfungible tokens on the network for the first time.
That boosted transactions on the Bitcoin blockchain .-Bloomberg
Online Reporter