Three whales have invested almost $4 million in the recently launched PEPE meme coin, despite its price dropping. Lookonchain, a well-known market tracker in the crypto community, reported that the whales started buying PEPE after its price fell. One of the whales, identified as 0x50C1, withdrew 1.4 trillion PEPE worth over $2.76 million from Binance.

Binance CEO Changpeng Zhao dismissed concerns over the exchange's temporary halting of bitcoin withdrawals, citing high transaction fees as the main reason. Some users were worried that the halts were due to billions of dollars of withdrawals, but Binance clarified that it was only moving bitcoin between its hot and cold wallets. Binance also increased fees for pending transactions to incentivize miners to prioritize them. The recent launch of the Ordinals protocol appears to be the main cause of Bitcoin network congestion and high fees.

Binance, the world's largest crypto exchange, has resumed Bitcoin withdrawals after two temporary pauses due to a congestion issue. The exchange has adjusted its miner fees and is exploring the use of Bitcoin's Lightning Network to speed up withdrawal times. The pause on Bitcoin withdrawals occurred amid a drastic increase in unconfirmed transactions, with over 420,000 pending transactions at the time of writing. Despite reassurances, the price of Bitcoin dropped to a week low of $27,790 on Monday morning.

Binance, the world's largest cryptocurrency exchange, moved over $5 billion worth of Bitcoin, which caused concern among some experts who noticed an unusual movement of over 183,080 BTC out of the exchange in 24 hours. However, Binance clarified that the transfers were simply movements between its hot and cold wallets due to BTC address adjustments and were not a cause for concern. Large transactions from Binance are often watched by users as they can be interpreted as signals of investor confidence or lack thereof. In the past, billions of dollars have flowed out of Binance, leading to speculation about the security of its reserves.

Bitcoin is experiencing downside volatility due to the highest fees in two years and a full mempool, which have caused BTC/USD to break down from $28,000. Binance, the largest exchange, has paused BTC withdrawals several times over network "congestion." The turmoil marks a flustered start to a week already full of potential BTC price volatility catalysts, including macroeconomic data releases, Q1 earnings reports, and the Consumer Price Index. Bitcoin network metrics show that miners are still selling their holdings, leading to analysis that the 2022 bear market is still in play. The network value to transaction ratio has also hit its highest levels in four years.

A crypto whale has transferred 4.23 trillion PEPE coins, worth $15.6 million, to the Binance exchange just before the meme coin was listed on the exchange. The whale could potentially sell these coins later, which could trigger a price crash for PEPE. Despite this, the price of PEPE has seen a surge of over 830% in the past seven days, as it is drawing more attention from investors and traders. Its market capitalization has surpassed $1 billion after being listed on Binance on May 5.

Bitcoin withdrawals on some cryptocurrency exchanges, including Binance and Robinhood, are experiencing problems due to network congestion, causing a large number of pending transactions and record-high fees. As a result, Binance temporarily suspended BTC withdrawals, but data shows large Bitcoin outflows. According to CryptoQuant, Binance has an exchange outflow of 190,000 BTC worth nearly $5.5 billion.

Binance has resumed Bitcoin withdrawals after temporarily halting the service twice within 12 hours due to a “large volume of pending transactions” and “congestion issue” on the Bitcoin network. Binance said it would solve the issue by replacing the transactions with a higher fee so that they get picked up by mining pools and had adjusted its fees to prevent a similar recurrence in the future. The largest daily volume of Bitcoin outflow from Binance was recorded on Sunday at around 188,281 Bitcoin, according to CryptoQuant data. (forkast)

PEPE, the popular memecoin, recently made a major milestone by getting listed on Binance. However, the accompanying price plunge following the listing has caused significant volatility in the market. Early buyers and whales dumped their assets, causing a more than 56% drop in trading volume.

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