Binance-Owned Trust Wallet Experiences Bitcoin Node Issue
Binance-owned Trust Wallet has encountered a problem with its Bitcoin node, resulting in users experiencing failed or delayed transactions and missing transactional history within the wallet app. The non-custodial wallet provider attributed the issue to the recent surge in Bitcoin transactions, which has put pressure on nodes and caused instability across providers. Trust Wallet assured users that it is closely monitoring the situation but warned that they may experience missing transaction history for up to six hours and failed transactions. The team behind Trust Wallet stated that they are diligently working to address the issue.
Bitcoin Transactions Reach Record High
The seven-day moving average of Bitcoin transactions surpassed 600,000 this week, marking a new record high. This surge in activity is mainly attributed to the latest increase in Bitcoin ordinals inscriptions, with daily transactions frequently reaching 300,000 to 400,000 over the past week. As a result of the spike in transactions, average Bitcoin transaction fees have also risen to around $14, although this is significantly lower than the record average fees of over $50 seen in April 2021.
Hot Take: Trust Wallet Faces Bitcoin Node Issue Amidst Record-Breaking Transaction Activity
Binance-owned Trust Wallet has encountered a problem with its Bitcoin node due to the recent surge in transactions. Users are experiencing failed or delayed transactions and missing transactional history within the wallet app. Despite Trust Wallet’s assurance that they are diligently working on resolving the issue, some users have reported ongoing problems for several hours. This incident highlights the challenges faced by cryptocurrency wallet providers when dealing with increased network activity. As Bitcoin transactions continue to reach record highs, it is crucial for wallet providers to ensure stable and efficient services to meet user demands.
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