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BTC Transaction Surge Causes Service Disruption in Trust Wallet

Published 30/11/2023, 11:03
Updated 30/11/2023, 11:15
© Reuters. BTC Transaction Surge Causes Service Disruption in Trust Wallet
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Coin Edition -

  • Trust Wallet announced a disruption to its Bitcoin services caused by a surge in BTC transactions.

  • The wallet service provider said users may experience slow or failed Bitcoin transactions.

  • The increased BTC trade volume comes on the back of a market resurgence driven by ETF speculations.

Trust Wallet, the self-custody crypto wallet provider, announced disruptions to its Bitcoin services and warned users may experience failed transactions following a surge in activity on the Bitcoin blockchain.

In a post shared on X, Trust Wallet said the company is experiencing a BTC node issue caused by an increase in transactions per block on the Bitcoin network. As a result, there is mounting pressure on the nodes, which has caused instability across providers.

Furthermore, the announcement said users might experience missing transaction history for the Bitcoin-blockbook chain for up to 6 hours. In addition, Trust Wallet said some other users may see failed transactions.

However, the wallet provider assured followers that it is working to address the issue quickly. The surge in network activity on the Bitcoin blockchain follows an increase in investors’ confidence in the crypto market over the past few weeks.

In particular, Bitcoin, the world’s largest cryptocurrency by market cap, breached the $34,000 level and soared as high as $38,000. The majority of the push came on the back of increased speculation about a spot Bitcoin ETF approval. This is so as several reports noted the changing attitude of the U.S. Securities and Exchange Commission towards the ETF filings.

Large institutional firms like BlackRock are among the companies to have filed for a spot Bitcoin ETF. Many in crypto circles predict an ETF approval would significantly increase the capital inflow into the crypto market and onboard non-crypto natives.

Turning to CoinMarketCap, data shows Bitcoin’s trading volume has slowed in the past 24 hours following a 9% decline after registering $20.4 billion. At the same time, the digital asset also saw a 0.88% price drop in the same period. Currently, the token is exchanging hands at $37,812 apiece.

The post BTC Transaction Surge Causes Service Disruption in Trust Wallet appeared first on Coin Edition.

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