Upbit, a South Korea-based digital asset exchange, recently issued a statement claiming that the withdrawal of digital asset BTC on the platform is currently experiencing delays following the congestion of the Bitcoin network.
Furthermore, during this period of delayed withdrawals, Upbit proclaimed that the deposit return process would also be impacted.
The aforementioned congestion of the Bitcoin network seems to come in alignment with the recent resurgence witnessed by Bitcoin, almost identical to the 2021 bull market.
Bitcoin Network Congestion Amid Resurgence
The statement released by Upbit has stirred up quite the speculation among crypto market enthusiasts as withdrawals and deposits were delayed following the congestion of the Bitcoin network.
As per the statement released by Upbit, the crypto exchange plans to facilitate withdrawals made sequentially, beginning with withdrawals that have successfully undergone network stabilization and block processing.
The aforementioned delay of withdrawals and deposits seems to come in alignment with the recent resurgence experienced by Bitcoin.
According to recent reports, data illustrates that the open interest in Bitcoin options hit a new record this week, reaching approximately $14.9 billion. This surpasses the October 2021 milestone of $14.4 billion, which occurred just before Bitcoin reached its peak of nearly $69,000. Furthermore, the perpetual futures market funding ratio jumped to 0.02%, imitating the frenzy from the last bull market. This appears to have resulted in a surge of transactions revolving around BTC.
Simultaneously, Bitcoin network congestion occurs when there are more transactions awaiting approvals than the network’s original transactional capacity. The resurgence of Bitcoin seems to have put on a frenzy among the broader crypto markets, resulting in the congestion of the Bitcoin network.
Bitcoin Price Evaluation
As of writing, the Bitcoin price witnessed a marginal downfall of 3.24% over the past twenty-four hours, reaching $36,181.13 today. Furthermore, the Bitcoin price was down by 1.16% over the past seven days.
However, over the past month, the coin surged phenomenally by 26.71%, portraying positive market sentiments. The price flux witnessed by Bitcoin has grabbed significant attention globally.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.