Binance had to suspend Bitcoin withdrawals twice since yesterday due to network congestion. Following this move by the world's largest exchange, Bitcoin price also experienced a drop of nearly 4% in the last 24 hours, with BTC trading below $28,000.
Binance CEO Changpeng Zhao addressed the issue on Twitter, emphasizing the need to look at the positive side of things. CZ reminded everyone that fluctuating transaction fees, congestion, and transaction delays are issues commonly encountered in a bull market. Despite these problems, he stated that BTC transfers are still cheaper and faster than fiat transactions.
In a recent announcement by Binance, it was stated that all pending BTC withdrawals have been processed. The team assured users that they are actively working to prevent such issues from recurring and mentioned that they have started exploring the use of the Bitcoin Lightning Network as an alternative.
Additionally, Binance warned that transaction fees would be higher due to increased network usage. To process the pending withdrawal transactions, Binance had to increase the fees paid to mining pools, which were then passed on to the users.
Market capitalization of Bitcoin-based BRC-20 tokens approaches $1 billion.
The market value of BRC-20 tokens created through the Ordinals protocol on Bitcoin has exceeded $900 million, continuing its growth trend. Among the emerging sector, the Ord meme coin holds the leading position with a market cap of over $500 million. Ordinals (ORDI) traded at $0.1 last month and has experienced a staggering increase of 22,500% in the midst of this excitement, currently trading at $25.
What is the Ordinals protocol?
The Ordinals protocol is a system developed this year that enables data processing on the smallest unit of the Bitcoin network, the satoshi. This allows for the creation and distribution of BTC-20 assets on the BTC network, similar to ERC-20 tokens on the Ethereum network, supporting both token and NFT standards.
