Crypto News– Upbit, a digital asset exchange based in South Korea, recently issued a statement citing delays in the withdrawal of BTC due to congestion on the Bitcoin network. Additionally, Upbit noted that the deposit return process would also be affected during this period of delayed withdrawals.
Upbit Postpones Bitcoin Withdrawals and Deposits Due to Congestion on the Bitcoin Network
The congestion on the Bitcoin network, as highlighted in Upbit’s statement, has sparked speculation among crypto enthusiasts. The exchange plans to gradually facilitate withdrawals, prioritizing those that have successfully navigated network stabilization and block processing.
This delay in withdrawals and deposits coincides with the recent resurgence of Bitcoin, drawing parallels to the 2021 bull market. Recent data indicates that open interest in Bitcoin options reached a new record, hitting approximately $14.9 billion—surpassing the October 2021 milestone of $14.4 billion just before Bitcoin’s peak of nearly $69,000. The perpetual futures market funding ratio also jumped to 0.02%, mirroring the frenzy from the last bull market, leading to a surge in BTC transactions.
The congestion on the Bitcoin network occurs when the number of transactions awaiting approval exceeds the network’s original transactional capacity. The resurgence of Bitcoin has created a frenzy in the broader crypto markets, contributing to the congestion on the Bitcoin network.