Despite Bitcoin reducing its waitlisted transaction orders, network congestion remains high with median confirmation time hovering above ten minutes. The on-chain metric for Bitcoin network fulfillment is at a high unseen since Feb 2023 and Dec 2022, with hundreds of thousands of transactions waiting to be confirmed.
Binance had to pause withdrawals due to long wait times and high fees, but is now working on enabling BTC Lightning Network withdrawals to speed up the process. The current network jam is caused by senders using the BRC-20 token standard to mint "ordinal" NFTs using the BTC blockchain, which some believe amounts to an attack on the Bitcoin network.
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