Binance has announced the reopening of $BTC withdrawals. The development came to light after Binance had halted the withdrawal process of BTC. As per the announcement, all the pending transactions are being processed. They are being replaced with higher transaction fees. The community can expect more updates from Binance once the crypto exchange platform has processed all the transactions.
What triggered Binance to halt the withdrawal of $BTC was the unexpected surge in the network gas fees of the token. Transactions in large volumes were reported to be pending to be processed.
Teams were deployed to ensure that they were accelerating the confirmation of all the pending transactions. Binance had earlier announced that it would replace the $BTC withdrawal transactions with higher fees to allow the mining pools to pick them up.
A final adjustment has now been made to the fees charged by Binance. The platform has extended its commitment to continue monitoring the on-chain activity and make adjustments if needed. The Binance team is now working to enable BTC Lightning Network withdrawal which will work as a protective shield if such an incident happens ever again in the future.
An effect of Binance halting $BTC withdrawal twice a day can be seen in the price of the token. It touched this week’s lowest mark of $28,196.90. BTC then bounced back to make a slight recovery, seeing dancing around $28,265.70. While it is still a fall of 2.66% in the last 5 days, a small recovery is something to look forward to. BTC forecast sees the price may climb up to $59,000 by the end of 2023. Assuming all the factors align together, BTC could then jump to $75,500 by the end of 2024.
Some members of the community have expressed dissatisfaction with the way Binance handled this situation.
For instance, a Twitter user who goes by the name Swiffer has criticized Binance, questioning if they can simply choose to keep someone’s money until they feel it is necessary to give them back their own money.
Rest assured, Binance currently looks on track to lead the corrective mechanism. The crypto exchange platform has resumed the $BTC withdrawal process and has expressed commitment to not letting a similar incident hamper the activity.
Founded in 2017 and currently headquartered in Malta, Binance has earned a global reputation for itself over a period of 6 years. Its economy is governed by BNB, the native token that was last seen changing hands at $317.95. Binance review mentions that there are over a hundred more cryptocurrencies listed on the platform, along with 100+ trading pairs.
It aims at increasing financial freedom across the globe to significantly improve everyone’s life.
A move at resuming the $BTC withdrawal process signals that the venture does invest its efforts in the right direction. Amid all criticisms, Binance is now working to come up with BTC Lightning Network withdrawal for the future.