Binance Suspends Bitcoin Withdrawals Due to Transaction Backlog Caused by the Crypto Market Selloff

Summary:

• Binance has temporarily paused Bitcoin withdrawals connected the speech owed to stuck transactions causing a backlog.
• The squad is presently moving connected a solution, and further explains that the backlog is being caused by a batch of Bitcoin transactions with debased transaction fees.
• Bitcoin withdrawals connected different networks (BEP20 and ERC20) done wrapped tokens are unfastened and moving arsenic normal.

The crypto speech of Binance has announced that it has temporarily suspended Bitcoin withdrawals connected the speech owed to a backlog of stuck transactions.

According to the Binance team, the backlog is simply a effect of Bitcoin transactions getting stuck owed to debased transaction fees being submitted. The squad is presently moving connected a solution and advises that Bitcoin withdrawals connected different networks (BEP10 and ERC20) done the respective wrapped tokens are unfastened and proceed moving arsenic normal.

Binance besides shared the advancement of the Bitcoin withdrawals connected Twitter, arsenic seen successful the pursuing Tweets.

Our squad is moving connected a solution to resume withdrawals arsenic soon arsenic possible. Stay tuned for further updates and timelines.

We apologise for immoderate inconvenience caused.

More info ⤵️https://t.co/HH3Bi55JZ8

— Binance (@binance) June 13, 2022

CZ States it Might Take Longer to Fix Than Initially Estimated

Similarly, Binance CEO, CZ, besides updated connected the pausing of Bitcoin withdrawals via Twitter. Initially, helium gave a thirty-minute timeline for the contented to beryllium fixed, lone to update that it mightiness instrumentality longer to resoluteness than helium had thought. He said:

Temporary intermission of BTC withdrawals connected Binance due to a stuck transaction causing a backlog. Should beryllium fixed successful ~30 minutes. Will update. Funds are SAFU.

This is lone impacting the Bitcoin network. You tin inactive retreat Bitcoin connected different networks similar BEP-20. Likely this is going to instrumentality a spot longer to hole than my archetypal estimate. More updates soon. Thanks for your patience and understanding.

Bitcoin Continues connected Its Downward Spiral

Bitcoin transactions causing a backlog connected Binance could effect from BTC’s ongoing marketplace meltdown to a section debased of $22,600. Bitcoin’s meltdown kick-off implicit the play and the King of Crypto has mislaid respective important enactment zones on the way, opening with $28k. They include: $27k, $26,700, $25k, and $23k.

However, connected the agleam side, a Bitcoin bottommost could beryllium recovered this twelvemonth and earlier than anticipated. Dollar-cost averaging connected spot markets utilizing tiny USD amounts could beryllium a amended enactment than going all-in connected Bitcoin close now. Caution is advised erstwhile attempting to drawback the proverbial falling knives successful the crypto markets.