Binance Halts and Resumes Bitcoin Withdrawals Due to Network Congestion

Binance temporarily paused bitcoin withdrawals due to the bitcoin blockchain being overwhelmed with pending transactions and high fees. On-chain data shows nearly 400,000 unconfirmed Bitcoin transactions, with the average transaction fee doubling since March to a two-year high of just over $8. The adoption of the BRC-20 standard for inscription tokens is driving fees up, with a market cap of $482 million across 14,000 tokens.