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Bitcoin & Binance & Congestion (Patreon)

Published:
2023-05-08 03:42:52
Imported:
2023-05

Content

There are a few items explaining weak price action for BTC

Bitcoin 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.”

In addition, BTC is not designed to handle JPEG inscriptions and this too is clogging up the network. Looks like they prob need SOL JPG Compression Tech


Comments

Anonymous

Thanks. Is all this garbage on the Bitcoin network bad news?

Anonymous

Very timely …Thank You !

Anonymous

Doesn't this mean we are in a rubber band moment? BTC price being held down "artificially" and will bounce harder upward?

Anonymous

I had (for the first time ever) a BTC withdrawal from Robinhood fail today. Trying again 🤞. Seems like this my be a drag for various exchanges.

Anonymous

Yea, I went to send a little BTC and noticed that the prices are super high. It’s seems intentional, maybe binance doing it on purpose to justify a pause? Just a thought? https://decrypt.co/139259/bitcoin-ddos-ordinals-inscriptions-attack?amp=1

Anonymous

Taking advantage of the dip. I'll transfer off exchange once it cools down.

Anonymous
>>108059023

Same...getting to 1% dosen't just happen by itself. Gotta BTFD

Anonymous

And here I thought it was cause there was more sellers than buyers…..

Anonymous

And I see the high gas fees are filling Kazakhstan coffers with BTC mining fees - party in Kazakhstan! :-)

Anonymous

Someone paying a lot in fees to prove a stupid point

Anonymous

Binance.US has had overpriced charts since Saturday. Scam level BS. Once the charts went haywire I couldn't sell anything and pulled everything off. It's always a 'glitch' in their favor.

Anonymous

I'm sure this is all just another coincidence. No chance the bankers have anything to do with this.

Anonymous

Is this good for miners???

Anonymous

Any advice on What’s the safest exchange to purchase Solana at this point?

Anonymous

Could this nft/jpg overload be part of operation chokepoint??

Anonymous

Various network congestions happened million times before. Solana was down completely. Good to inform about it but these aren't reasons to panic right away and spread FUD. Especially when there are obvious technical reasons (like nfts) behind the congestion. Not financial advice.

rscx
>>108073584

I think a least a large part of this is the shitcoiners trying to pull the same NFT nonsense they do on ETH on bitcoin. I saw some others talking about a surge in people trying to shill Bitcoin NFT projects.

Anonymous

...there I thought BTC taken off exchanges suppose to mean bullish price action, network congestion on eth and btc should reflect high utilisation and eth deflationary nature...until one day it's not and narrative changes... oh well I guess it's just the nature of the beast. Hang tight everyone with your seat belt on,🤣🤣🤣

Anonymous

just a tinfoil hat idea, but what if some bad actor with lots of money is purposefully spamming the network with those jpegs to cause issues for BTC network and this Binance, I(think choke point 2.0, banksters/government)...I know you can't break Bitcoin network but FUD is powerful..