Surge in BTC Transactions Results in Service Disruption for Trust Wallet

Crypto News- Trust Wallet, the provider of self-custody crypto wallets, has reported disruptions in its Bitcoin services, cautioning users about potential transaction failures due to a surge in activity on the Bitcoin blockchain. In a statement shared on X, Trust Wallet explained that a rise in transactions per block on the Bitcoin network led to a BTC node issue, creating pressure on nodes and causing instability across providers.

Surge in BTC Transactions Results in Service Disruption for Trust Wallet

Users may encounter missing transaction history for the Bitcoin-blockbook chain for up to 6 hours, with some experiencing failed transactions, according to the announcement. Trust Wallet reassured its users that it is actively working to resolve the issue.

The increased network activity on the Bitcoin blockchain correlates with growing investor confidence in the crypto market, especially after Bitcoin surpassed $34,000, reaching $38,000. This surge is attributed to heightened speculation about a potential approval for a spot Bitcoin ETF, with notable institutional firms like BlackRock filing for such ETFs.

Market data from CoinMarketCap indicates a slowdown in Bitcoin’s trading volume over the past 24 hours, accompanied by a 9% decline to $20.4 billion and a 0.88% price drop. Presently, Bitcoin is trading at $37,812.