Coinspeaker
Binance Resumes Bitcoin Withdrawals after Second Temporary Pause in 24H
The most regulated centralized exchange with the largest daily traded volume Binance temporarily closed Bitcoin withdrawals on Sunday due to network congestion. In a rare blockchain moment, Bitcoin block 788695 contained transaction fees greater than the block subsidy. Meaning some Bitcoin miners earned the entire block reward on Sunday. According to the on-chain insight platform Glassnode, the Bitcoin network experienced extremely high demand for block space, driven by BRC-20 tokens, which utilize text-based inscriptions and ordinals.
“A few recent blocks have seen tremendous total fees paid of 5.87 $BTC, approaching 94 percent of the 6.25 $BTC block subsidy. Our mempool is currently full, and purging transactions approaching the 50sat/vbtye fee rate band,” Glassnode noted.
On May 7, the Bitcoin mempool was clogged with more than 400k transactions on the pipeline. According to market aggregate data
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