{"id":170604,"date":"2021-02-04T16:05:02","date_gmt":"2021-02-04T13:05:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/exchange-temporarily-halts-ether-withdrawals-as-gas-fees-hit-new-highs\/"},"modified":"2021-02-04T16:05:02","modified_gmt":"2021-02-04T13:05:02","slug":"exchange-temporarily-halts-ether-withdrawals-as-gas-fees-hit-new-highs","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/exchange-temporarily-halts-ether-withdrawals-as-gas-fees-hit-new-highs\/","title":{"rendered":"# Exchange temporarily halts Ether withdrawals as gas fees hit new highs"},"content":{"rendered":"

“# Exchange temporarily halts Ether withdrawals as gas fees hit new highs <\/strong>”<\/p>\n

Japanese cryptocurrency exchange Liquid has temporarily disabled Ether (ETH) withdrawals as the altcoin hits new all-time highs.<\/p>\n

According to a Feb. 4 announcement<\/a>, Liquid has halted withdrawals for ETH and some ERC-20 tokens due to a massive spike in transaction costs, or gas fees. \u201cService will be resumed once gas fees return to normal levels. All other crypto currencies are operating as per normal,\u201d Liquid said.<\/p>\n

On Feb. 4, ETH price posted another high of above $1,600, following propelled growth of nearly 20% over the past seven days. The growing price has been steadily driving transaction costs higher, hitting new historical highs.<\/p>\n

According to data from YCharts<\/a>, gas fees reached an average $17.5 per transaction on Feb. 3.<\/p>\n

\"\"
Ethereum Average Transaction Fee.\u00a0Source: YCharts<\/em><\/figcaption><\/figure>\n

As previously reported, gas fees started to see significant growth in early January 2021 when Ethereum broke its previous record of above $1,400.<\/p>\n

The latest spike in gas fees has had a massive impact on a number of decentralized finance projects, with some DeFi transaction fees surging above a$1,000. Fees on major decentralized exchanges like Uniswap and SushiSwap surged to abnormal levels of between $40 and $75. Looking for lower fees, DeFi users have reportedly turned into Ethereum alternatives like Flamingo.<\/p>\n

Kain Warwick, founder<\/a> of Ethereum-based synthetic asset issuance platform Synthetix, expressed<\/a> confidence that surging ETH fees will even drive transaction volumes higher:<\/p>\n

“Obviously we need to see what the user behaviour is when fees are not subsidised by I strongly suspect that the tx volume will only increase from here. Right now you can\u2019t do much but sit and mash the mint button.”<\/p><\/blockquote>\n

At publishing time, Ether transaction volumes amount to $44 billion<\/a>, up from $37 billion on Jan. 28. The second-largest cryptocurrency is trading at $1,639, up 6.3% over the past 24 hours at the time of writing.<\/p>\n