CryptoMediaClub
Friday, July 4, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home Bitcoin

Binance halts Bitcoin withdrawals for the second time in 12 hours

08.05.2023
A A
0
127
VIEWS
ShareShare

Bitcoin (BTC) withdrawals on Binance have again been temporarily shuttered, with the crypto exchange claiming it was due to a large backlog of pending withdrawals.

Binance tweeted on May 8 that it closed off BTC withdrawals “temporarily” as there was a “large volume of pending transactions.”

It added the transactions are still pending, as its “set fees did not anticipate the recent surge in [Bitcoin] network gas fees.”

There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in $BTC network gas fees.
Our team is working to accelerate the confirmation of all pending transactions.
We'll provide updates here.

— Binance (@binance) May 8, 2023

The exchange said it was “working on a fix,” and that withdrawals for Bitcoin would be back “as soon as possible." It added it was working to “accelerate the confirmation of all pending transactions.”

Earlier on May 7, Binance also had to temporarily suspend Bitcoin withdrawals, claiming there was an overflow of transactions on the blockchain. It reopened withdrawals over an hour and a half later.

At the time, the Bitcoin mempool had a backlog of around 400,000 transactions waiting to be processed. That's now swelled to nearly 485,000, according to data from mempool.space.

Bitcoin mempool at 2:30 am UTC on May 8. Source: Mempool Space

A mempool is an area where transactions on the Bitcoin network “wait” before being verified by each blockchain node.

Binance saw significant Bitcoin net negative outflows on May 7 with around 175,650 BTC worth around $4.95 billion flowing from the exchange on the day according to data from CryptoQuant.

The price of Bitcoin has also fallen around 3.5% from its weekly high of over $29,700 on May 6, as per Cointelegraph data.

A seven-day chart showing over 175,650 BTC ($4.95 billion) of net negative flows (red) to Binance on May 7 as the price of Bitcoin (black line) dropped. Source: CryptoQuant

Cointelegraph contacted Binance for comment but did not immediately receive a response.

Magazine: Joe Lubin — The truth about ETH founders split and ‘Crypto Google’

Update (May 8, 2:43 am UTC): This article has been updated with additional information from Binance on why it suspended withdrawals.

Update (May 8, 3:35 am UTC): This article has been updated with Bitcoin price data and net outflow data from CryptoQuant.

Share10Tweet6ShareSharePin2

Related Posts

Crypto Fear & Greed Index Soars to 73: Unpacking the Market’s Bullish Confidence
Bitcoin

Crypto Fear & Greed Index Soars to 73: Unpacking the Market’s Bullish Confidence

03.07.2025
0

BitcoinWorldCrypto Fear & Greed Index Soars to 73: Unpacking the Market’s Bullish Confidence The pulse of the digital asset world...

Read moreDetails
Bitcoin Treasury Strategy Unlocks $24.75 Million for Green Minerals’ Ambitious Growth

Bitcoin Treasury Strategy Unlocks $24.75 Million for Green Minerals’ Ambitious Growth

02.07.2025
Celsius Lawsuit: Judge Unleashes Crucial Legal Battle Against Tether Over $4 Billion Bitcoin Liquidation

Celsius Lawsuit: Judge Unleashes Crucial Legal Battle Against Tether Over $4 Billion Bitcoin Liquidation

02.07.2025
Bitcoin’s Momentum Challenge: Why the Epic BTC Rally Faces Profit-Taking Pressures

Bitcoin’s Momentum Challenge: Why the Epic BTC Rally Faces Profit-Taking Pressures

01.07.2025
Bitcoin’s Astonishing Evolution: A New Trading Pattern Emerges

Bitcoin’s Astonishing Evolution: A New Trading Pattern Emerges

01.07.2025
Load More
Next Post

CashApp’s Bitcoin Sales Up 25% Since Last Quarter

0 0 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Singapore’s Web3 Firms Call for Budget Support to Boost Talent and Security

Singapore’s Web3 Firms Call for Budget Support to Boost Talent and Security

1 year ago
RippleX Team Launched AMM Protocol on XRP Ledger Network

RippleX Team Launched AMM Protocol on XRP Ledger Network

1 year ago
PayPal Halts Cryptocurrency Purchases in the UK Amidst Stricter Regulations

PayPal Halts Cryptocurrency Purchases in the UK Amidst Stricter Regulations

2 years ago
Senior U.S. Military Airman and Cyber Analyst Charged with Money Laundering for NFT “Rug Pull” Scheme

Senior U.S. Military Airman and Cyber Analyst Charged with Money Laundering for NFT “Rug Pull” Scheme

1 year ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Why a handful of altcoins are surging over 30% as Bitcoin trends sideways

Bitcoin Price Prediction – Senator Lummis Pushes Tax-Free BTC Spending Bill: Is This the First Step Toward Mass Adoption?

Polymarket bettors forecast 75% chance Bitcoin reaches $120k in 2025 as prediction volume jumps 30%

Chinese Tech Giants Plan to Issue Yuan-Pegged Stablecoins

Why Is Crypto Down Today? – July 4, 2025

MARA’s $5.4B Bitcoin treasury grows to 50k BTC as miners adopt a HODL strategy

Trending

Macro Meets Crypto: Predicting Prices with CPI, Fed Rates & BTC Dominance
All news

Macro Meets Crypto: Predicting Prices with CPI, Fed Rates & BTC Dominance

04.07.2025
0

Institutional money has changed how crypto trades. Bitcoin and Ethereum now respond to economic news in ways...

Dormant Bitcoin holder moves $2 billion BTC from 2011 for potential 14,000,000% gain

Dormant Bitcoin holder moves $2 billion BTC from 2011 for potential 14,000,000% gain

04.07.2025
Early Bitcoin Buyer Turns $7,800 into $1 Billion – Here’s What Happened

Early Bitcoin Buyer Turns $7,800 into $1 Billion – Here’s What Happened

04.07.2025
Why a handful of altcoins are surging over 30% as Bitcoin trends sideways

Why a handful of altcoins are surging over 30% as Bitcoin trends sideways

04.07.2025
Bitcoin Price Prediction – Senator Lummis Pushes Tax-Free BTC Spending Bill: Is This the First Step Toward Mass Adoption?

Bitcoin Price Prediction – Senator Lummis Pushes Tax-Free BTC Spending Bill: Is This the First Step Toward Mass Adoption?

04.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz