Binance Restarts Bitcoin Withdrawals Following a Second Halt

As the Bitcoin network experiences extraordinary congestion, Binance has once again begun Bitcoin (BTC) withdrawals after a second halt.

Due to a record volume of pending Bitcoin transactions, Binance temporarily suspended withdrawals for around two hours on Sunday afternoon U.S. time. The second time it stopped occurred on Sunday night, likewise late in the United States.

Our prices have been lowered to prevent a repeat performance. Binance tweeted that it will keep an eye on on-chain behavior and make changes as necessary. The Lightning Network withdrawal of Bitcoin (BTC) has been a focus of our team’s efforts, and we expect this to be useful in such cases.

When the second stop occurred, the number of pending transactions had grown to about half a million from the 400,000 that had existed just before the first pause. It has started falling and is presently hovering at about 430,000 over the last 24 hours.

Bitcoin has lost another 2.6% of its value in the previous 24 hours, down to $28,240. According to statistics compiled by CoinGecko, Binance has fallen far from its position as one of the top 10 exchanges for Bitcoin trading pairs due to a sharp decline in trade volume.

Also Read: The United States Will Prohibit Short-Selling, JP Morgan Says