A recent surge of interest in NFTs on Bitcoin has led to congestion on the network and a pause of user withdrawals by Binance, the biggest crypto exchange.
"Reports of a large bitcoin outflow and withdrawals being paused at a major exchange could be factoring into some of the weakness we're seeing. Ultimately however, there haven't been any major developments as far as price action goes, with bitcoin still very much confined to a multiday bullish consolidation," said Joel Kruger, market strategist at LMAX Group.
and that it was temporarily closing bitcoin withdrawals as a result until the network stabilized. Some market participants have argued that the Bitcoin network is stable and Binance should have prepared for a high-fee environment on Bitcoin. . "We will continue to monitor on-chain activity and adjust accordingly if needed. Our team has also been working on enabling BTC Lightning Network withdrawals, which will help in such situations."Alex Thorn, head of firmwide research at Galaxy, noted a "parabolic spike" in transaction fees on the Bitcoin network last week, attributing it to users minting BRC-20 tokens.
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