Binance Resumes Bitcoin Withdrawals Following Second Brief Suspension; Adjusts Fees and Integrates Lightning Network
In response to the Bitcoin network experiencing unprecedented congestion, Binance has once again lifted the temporary suspension on bitcoin (BTC) withdrawals. This second pause occurred just hours after the initial one.
During Sunday afternoon in the United States, Binance briefly halted bitcoin withdrawals for approximately two hours due to a surge in unconfirmed transactions, reaching a record high. Later that evening, another pause took place for slightly over two hours.
To prevent similar occurrences in the future, Binance announced adjusted fees and emphasized their commitment to monitoring on-chain activity for necessary adjustments. In addition, the Binance team has been diligently working on enabling BTC Lightning Network withdrawals, which would prove beneficial in similar situations.
At the time of the second halt, the number of unconfirmed transactions had risen to nearly 500,000, surpassing the approximately 400,000 during the initial pause. However, there has been a gradual decline, with the current count standing at slightly over 430,000 transactions over a 12-hour period.
Meanwhile, the price of bitcoin has been experiencing a downward trend, currently resting at $28,240, representing a 2.6% decrease within the past 24 hours.
According to CoinGecko data, Binance has witnessed a notable decline in its position in terms of bitcoin trading volume. It is no longer among the top 10 exchanges for bitcoin trading pairs.