The Bitcoin price lost 4.2% over the past weekend and slid again to $28,000. The broader crypto market is also consistently in the red. The second largest cryptocurrency by market cap, Ethereum, is down 6% since Friday. Why Are Bitcoin And Crypto Down Today? As always, Bitcoin’s recent price movement should be viewed from multiple angles, as for most of the time there is not just one reason. However, one factor stands out at the moment: the congestion of the Bitcoin network and the extremely high fees for a BTC transaction. The reasons for the congestion are the Bitcoin Ordinals and the new BRC-20 token standard. With its creation in early March, people can now create fungible tokens in addition to Bitcoin. Embraced by the meme coin community, this new token standard has quickly seen a surge in daily transactions and a market cap of over $160 million this week. Binance, the largest cryptocurrency exchange by trading volume, first announced on Sunday that it had halted Bitcoin (BTC) withdrawals. According to a statement on Twitter, the exchange has st ..
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