*BINANCE PAUSES BITCOIN WITHDRAWALS AGAIN, CITES NETWORK CONGESTION BTC BITCOIN
withdrawals for the second time in about 12 hours on Monday, citing congestion on the blockchain due to a high volume of pending transactions.
Gas fees are a cost paid by users of a blockchain to its validators every time they wish to transact on the network. Bitcoin recently saw a spike in gas fees amid increased interest in a new token standard, BRC-20, which spurred the launch of several new memecoins this year. BRC-20, which was launched earlier this year by a coder known as “Domo”, allows users to deploy new tokens on the Bitcoin blockchain. This in turn saw the rise of several new memcoins, sparking a speculative trading frenzy where users raced to be early buyers in a new wave of tokens.
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