Binance is working to make the Bitcoin lightning network available

Blockchain analytical firm Glassnode reported that Bitcoin was “experiencing extremely high demand for blockspace.”

Binance is attempting to empower Bitcoin (BTC) lightning network withdrawals for its clients subsequent to encountering issues because of the volume of forthcoming exchanges.

The exchange explained in a May 8 Twitter thread that the large volume of pending transactions necessitated temporarily suspending BTC withdrawals. It proceeded with that there were huge volumes of BTC withdrawal exchanges from the trade that were at this point to be handled.

This failure, according to Binance, was brought on by the recent rise in BTC gas fees. Notwithstanding, it said it would supplant forthcoming exchanges with higher expenses so mining pools could handle them.

After approximately two hours, the exchange reopened BTC withdrawals and stated that it had increased transaction fees.

“To prevent a similar recurrence in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly if needed,” it added.

In the interim, this isn’t whenever Binance first has stopped BTC withdrawals. On May 7, the exchange had previously halted withdrawals for about an hour. It cited network congestion issues at the time.

Due to technical issues with the exchange, Binance has also paused withdrawals and deposits for other digital assets. In December 2022, the trade stopped USDC withdrawals in light of the fact that the trade was leading a symbolic trade including the Circle-upheld stablecoin.

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BTC network fees surge

Bitcoin transaction fees have increased significantly over the past few months, reaching as high as $26 just a few hours ago and currently hovering around $10. There are likewise more than 424,000 unsubstantiated exchanges on the organization as of press time.

Although $10 may appear to be low, considering that Bitcoin transaction fees were around $1 approximately six months ago, it is still relatively high. Binance Chief Changpeng Zhao said the ascent in exchange expenses is an indication of a positively trending market.

Blockchain logical firm Glassnode detailed that the organization was “encountering very popularity for blockspace driven by BRC-20 tokens, using text-based engravings, and ordinals.”

Glassnode added that the average fee paid per block has risen to 2.9 BTC — nearly as high as past bull peaks.

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Tags: binance, Bitcoin lightning