High trading volume forced Binance to halt Bitcoin withdrawals

At the time of writing, the price action of most cryptocurrencies was down, on average the cryptocurrency market retreated at an estimated 7% which meant in an unexpected sense of crisis taking the Bitcoin to the $27,350 area.

Returning to the issue related to the high trading volume that forced Binance to halt Bitcoin withdrawals, it is worth noting that according to official statements Binance blocked Bitcoin withdrawals for four hours in the early hours of Sunday to Monday, claiming a high trading volume and an increase in fees.

However, according to information disclosed in the "CincoDias" portal, the columnist Miguel Moreno Mendieta, said that after a few hours the transactions were accepted again, although this is the second blocking of Bitcoin withdrawals in less than 12 hours.

Mendieta also informed that yesterday, Sunday, the exchange also had to temporarily suspend Bitcoin withdrawals due to an overflow of transactions in the virtual currency. Binance reopened operations for withdrawals more than an hour and a half later.

They additionally clarified that the backlog of pending transactions can lead to delays in confirming trades and increase brokerage fees. Binance has explained that it is working on a solution to speed up confirmations of pending transactions.

One thing I agree with the official statements is that this incident underscores the importance of setting appropriate fees for Bitcoin transactions and constantly monitoring this digital asset for any congestion.

To close, from my point of view what happened with Binance leaves or rather reduces the credibility and confidence in the cryptocurrency market, therefore, let's hope that this type of situation does not become recurrent.