The world’s largest stock exchange Suspend Bitcoin withdrawals. The official statement by Binance itself explains that it has closed withdrawals due to “pending large volume transactions”. This is not a one-time event, because less than 24 hours ago it had already paralyzed these movements due to “severe congestion” in the network.
The Bitcoin network is experiencing moments reminiscent of 2021, when Bitcoin hit its all-time high price these days. However, even then, Bitcoin withdrawals from the platform were not paused. It happened other times but current network congestion is quite exceptional.
Too much activity on the Bitcoin network
Binance has always sought to reassure users by providing: funds are safe and that there is no pretense.
The technical team of the exchange is working on it and They are operational again withdrawals
According to Mempool.space data, congestion in the Bitcoin network is at its highest point in recent months, reaching levels of 230 sat/byte. one level traffic jam not seen since 2021, When Bitcoin reached $69,000 to exchange and the transaction volume was very high.
According to data from Dune Analytics, 320,000 blocks have been added to the Bitcoin network in the past few days. And 4.3 million has been added since a few weeks ago. A big leap that contrasts with what we’ve been through in recent months.
Approximately, The number of daily transactions doubled this month compared to what we had at the beginning of the year.
Entering unknown territory
What is this for? There seems to be a pretty clear answer: ordinal numbers. From this new protocol, it is possible Generate BRC-20 tokens on the Bitcoin network. An addition that opens up many possibilities but strains the web.
As GlassNode explains, these ordinal numbers (commonly defined as NFTs in Bitcoin) caused the hourly transaction record to hit 16,497.
“If fees rise, more will use network congestion as an excuse not to withdraw money” To explain a Bitcoin Core developer.
Beyond the value of cryptocurrency, we are in a very special moment for Bitcoin. effects are beginning to be noticed. That Taproot update that promises a lot of changes.
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on Xataka | What are Bitcoin Ordinals and why is it feared that they might corrupt the cryptocurrency itself?
Jason Root is a blockchain enthusiast and author at Div Bracket. He provides comprehensive coverage of the latest developments in the world of blockchain, offering readers a unique perspective on the industry and its potential for revolutionizing various industries.