Upbit, a South Korea-based digital asset exchange, recently issued a statement<\/a> claiming that the withdrawal of digital asset BTC on the platform is currently experiencing delays following the congestion of the Bitcoin network.<\/p>\n Furthermore, during this period of delayed withdrawals, Upbit proclaimed that the deposit return process would also be impacted.<\/p>\n <\/p>\n The aforementioned congestion of the Bitcoin network seems to come in alignment with the recent resurgence witnessed by Bitcoin<\/a>, almost identical to the 2021 bull market.<\/p>\n 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.<\/p>\n As per the statement released by Upbit, the crypto exchange<\/a> plans to facilitate withdrawals made sequentially, beginning with withdrawals that have successfully undergone network stabilization and block processing.<\/p>\n <\/p>\n The aforementioned delay of withdrawals and deposits seems to come in alignment with the recent resurgence experienced by Bitcoin.<\/p>\n 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\u00a0nearly\u00a0$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.<\/p>\n <\/p>\n Simultaneously, Bitcoin network congestion occurs when there are more transactions awaiting approvals than the network\u2019s 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.<\/p>\n Also read: Coinbase And US SEC Send Joint Letter To Judge Concerning Judgment<\/a><\/strong><\/p>\n As of writing, the Bitcoin price<\/a> 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.<\/p>\n 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.<\/p>\n Also read: SHIB Burn Rate Rockets 1300% As Shiba Inu Price Plunges<\/a><\/strong><\/p>\nBitcoin Network Congestion Amid Resurgence<\/h2>\n
Bitcoin Price Evaluation<\/h2>\n
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