Due to unprecedented congestion on the Bitcoin network, Binance has once again resumed bitcoin withdrawals after two suspensions.

Binance suspended bitcoin withdrawals for about two hours on Sunday afternoon US time as the number of unconfirmed transactions hit a record high. Binance's second suspension took place on Sunday evening in the United States for just over two hours.

"To prevent similar situations from happening in the future, our fees have been adjusted. We will continue to monitor on-chain activity and adjust accordingly as needed, "Binance said in a tweet. "Our team has also been working to enable Bitcoin Lightning network withdrawals, which will help users make withdrawals in this situation."

At the time of the second suspension, the number of unconfirmed transactions was close to 500,000, compared to about 400,000 at the time of the first suspension. Now that number is starting to decline, with the number of unconfirmed trades now down to 430,000 within 12 hours.

The price of Bitcoin continues to fall and is now at $28,240, down 2.6% in the last 24 hours.

According to CoinGecko's data, Binance has slipped significantly in terms of bitcoin trading volume and is no longer in the top 10 exchanges for Bitcoin trading pairs.