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Bitcoin Layer-2 Token Rises 5% Amid Binance BTC Withdrawal Halt – Seagate Tech Hldgs (NASDAQ:STX)

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Stacks STX/USD  a Bitcoin BTC/USD layer-2 token, has seen a 5% rise in the past 24 hours and is currently the top-performing asset among the top 100 cryptocurrencies, according to CoinMarketCap data. 

What Happened: The increase in value comes amid Binance halting Bitcoin withdrawals twice in a single day due to high volumes and an increase in processing fees.

See More: Is Bitcoin a Good Investment?

Binance noted that the delay in processing transactions was due to the set fees not anticipating the surge in network gas fees. Gas fees refer to payments made to crypto miners for processing transactions on the blockchain.

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“Our set fees did not anticipate the recent surge in network gas fees,” Binance said in a tweet. 

To tackle the issue, Binance announced it would soon integrate the Lightning Network, making transactions quicker and addressing network congestion.

Why It Matters: Lightning Network announcement by Binance has caused the positive momentum seen by Stacks. 

Stacks is a layer-2 blockchain protocol that aims to increase the functionality of Bitcoin through self-executing smart contracts.

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Price Action: At the time of writing, BTC was trading at $28,212, down 2.16% in the last 24 hours, according to Benzinga Pro.

Read More: Bitcoin, Ethereum, Dogecoin Tumble After Binance’s Temporary Withdrawal Pause: Analyst Says $30K, $40K, Even $50K In Sight For Apex Crypto This Year

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