Bitcoin, Blockchain Network Solana Overloaded Due to Crypto currency Market Downturn

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Bitcoin, Crypto currency Market Downturn
Bitcoin

Bitcoin

Highlights

  • The network is plagued by “excessive copy transactions” congestion.
  • Even before this, Solana had to face another problem.
  • As a result, Binance was banned from withdrawing from the network.

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Solana, one of the largest blockchain networks known as the “Ethereum killer”, is facing network congestion. According to reports, the web was flooded with spam bots last week. The issue has been going on for 30 hours, which is worrying investors. Solana’s official Twitter account states that the blockchain network is experiencing “high network congestion” due to “a lot of duplicate transactions”.

Solana faced another problem even before the problem of network congestion. As a result, Binance was banned from withdrawing from the network. This issue has not been resolved. Solana is not the only blockchain network facing this issue due to the drop in cryptocurrency prices. But it is certainly welcome. This is because Solana is one of the most famous and popular blockchain networks in the larger crypto industry.

Bitcoin, Blockchain Network Solana Overloaded

As we all know, the blockchain network team has modified the stability of the network. Users have been asked to update Letest new version 1.8.14.

According to this announcement there was a problem with the program last time, this time due to repeated transactions. Users should update their mainnet to version 1.8.14 to mitigate this issue. The team is working on further improvements. DeFi users are most affected by this network congestion. They faced massive liquidation as the network went down.

Notably, Bitcoin and Ethereum hit new all-time highs in November last year. However, most major altcoins, including bitcoin, are selling because of the potential for interest rates in the US. According to CoinMarketCap, the current market cap of bitcoin is $665 billion (about Rs 560 billion), down from around $1.3 trillion (about Rs 10 billion) in November 2021.

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Meanwhile, the broader cryptocurrency market lost over $1 trillion (about Rs 70 million) in the same period. Bitcoin also hit its lowest level since August after falling more than 10%.

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