Trust Wallet, a provider of self-custody cryptocurrency wallets, has reported disruptions in its Bitcoin services due to a surge in activity on the Bitcoin blockchain. The company cited issues with its BTC nodes, stemming from the increased number of transactions per block on the Bitcoin network, leading to strain on the nodes and causing instability across service providers.
Additionally, Trust Wallet mentioned that users may experience a temporary absence of transaction history for the Bitcoin-blockbook chain, lasting up to 6 hours, and some users may encounter failed transactions. However, the wallet provider reassured its users that it is actively working to resolve the problem.
The increased network activity on the Bitcoin blockchain coincided with a growing confidence among investors in the cryptocurrency market, particularly as Bitcoin's price rose from $34,000 to as high as $38,000. This surge was partially driven by speculation surrounding the potential approval of a spot Bitcoin ETF, with reports suggesting a more favorable stance from the U.S. Securities and Exchange Commission on ETF filings.
Notably, major institutional firms like BlackRock have submitted applications for a spot Bitcoin ETF, and many within the cryptocurrency community anticipate that such an approval could lead to a significant influx of capital into the crypto market, attracting non-crypto-native investors.
According to data from CoinMarketCap, Bitcoin's trading volume decreased by 9% over the past 24 hours, reaching $20.4 billion, while its price experienced a 0.88% decline during the same period, currently trading at $37,812 per token.
