Bitcoin tumbled 4% after Binance, the world’s largest crypto exchange, halted bitcoin withdrawals for the second time in a day, citing large volumes.
“Pending transactions are being processed by replacing them with higher transaction fees,” Binance said in a tweet.
The company said in an earlier tweet that there is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in bitcoin network gas fees.
Earlier in the day, Binance had paused bitcoin withdrawals for about an hour.
Bitcoin declined around 4% to $28,161 on Monday from $29,525 in the previous close.