Bitcoin Price Prediction: Nearly 3% Drop Raises Concerns of Additional Downtrend
With the recent dip in Bitcoin prices, there are concerns among investors about a further downtrend. The popular cryptocurrency saw a nearly 3% drop, leading some to believe that the market is entering a bearish phase.
This latest development has left many wondering about the future of Bitcoin and whether it can recover from this setback.
In this update, we'll take a closer look at the recent dip in Bitcoin prices and provide insights into what it could mean for the cryptocurrency market as a whole.
Binance has once again temporarily stopped allowing BTC withdrawals, citing a significant backlog of outstanding withdrawal requests.
Earlier on May 7, Binance had to briefly halt Bitcoin withdrawals due to an alleged overflow of transactions on the blockchain.
Over half an hour later, withdrawals were once again permitted. However, on May 8, Binance reported again that it had temporarily closed BTC withdrawals due to the large volume of pending transactions.
There are reports of approximately 400,000 transactions waiting in the Bitcoin mempool for processing, and at the time of the second Binance withdrawal halt, the number of backlogged transactions in the mempool was around 485,000.
The mempool serves as an area where transactions are kept at a "waiting" status before being verified by each blockchain node.
These transactions were worth more than $5 billion, and this caused Binance to halt BTC withdrawals for the second time in 12 hours.
On the other hand, the cryptocurrency exchange OKX reported that despite the high transaction fees, its Bitcoin deposit and withdrawal services remained operational.
However, the high volume of Bitcoin withdrawals added pressure on BTC/USD prices, causing them to fall below the $29,000 mark.
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