Binance’s suspension of Bitcoin withdrawals twice yesterday raised concerns.
Users were worried after Binance, the largest cryptocurrency exchange, stopped transactions twice. The increase in transactions on the platform with the memecoin frenzy has also increased the transaction prices.
Binance Stopped Filming Twice Causes Panic
Binance stopped Bitcoin withdrawing twice in less than 12 hours on Sunday, citing network congestion. The stock market, which had problems with US regulators, announced that this situation occurred due to the application of higher fees to pending transactions.
Speculative movements in memecoins like Pepe have gained in value in recent weeks, as market-leading cryptocurrencies like Bitcoin no longer make such big gains.
These Bitcoin-based tokens queue up with regular Bitcoin transactions to be processed by miners. The most popular coins of this type, also known as BRC 20 tokens, can sometimes cause congestion on networks and increase transaction fees.
The statement from the Binance front also shed light on this issue of stopping Bitcoin withdrawal transactions.
