The post Bitcoin Network Record High Congestion Caused by Huge Demand for BRC-20 Tokens appeared first on Coinpedia Fintech News
Bitcoin’s mempool had more than 400k transactions in the pipeline on Sunday as the network congestion reached a new yearly ATH. On-chain analysis indicates the Bitcoin network recorded an extremely high demand for block space fueled by the BRC-20 tokens. Created by Twitter user Domo (@domodata), the BRC-20 economy has grown to a major subsect of the Bitcoin market.
According to Domo, there have been more than 1 million BRC-20 inscriptions, accounting for about 6 percent of all Bitcoin activity since the standard’s inception, as of April 27.
Binance Had Temporarily Closed Bitcoin Withdrawals
Following the huge congestion on the Bitcoin network over the weekend, the largest centralized exchange by daily traded volume, Binance, temporarily closed Bitcoin withdrawals. According to market data provided by Coinglass, more than 178,518 Bitcoins have been wit
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