The crypto exchange resumed withdrawals within two hours of its initial Twitter post about the withdrawals.
On-chain data shows there are nearly 400,000 unconfirmed Bitcoin transactions, which is more than the bull runs in 2018 and 2021.
“This current fee frenzy is an anomaly,” CoinDesk previously quoted Colin Harper, head of content at Luxor Technologies, a full-stack bitcoin mining pool. “The biggest difference between this increase in transaction fees and previous ones with enrollments now is that the BRC-20 standard is a new type of enrollment. The introduction of this standard drives up the fees.”
UPDATE (7 May 2023, 19:16 UTC): Added line to resume withdrawals.
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