Shiba

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<img width="1280" height="720" src="https://coingape.com/wp-content/uploads/2019/11/Upbit-cryptocurrency-review-coinrevolution-1280x720-1-1.jpg" class="attachment-full size-full wp-post-image" alt="Upbit Bitcoin" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2019/11/Upbit-cryptocurrency-review-coinrevolution-1280x720-1-1.jpg 1280w, https://coingape.com/wp-content/uploads/2019/11/Upbit-cryptocurrency-review-coinrevolution-1280x720-1-1-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2019/11/Upbit-cryptocurrency-review-coinrevolution-1280x720-1-1-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2019/11/Upbit-cryptocurrency-review-coinrevolution-1280x720-1-1-1024x576.jpg 1024w, https://coingape.com/wp-content/uploads/2019/11/Upbit-cryptocurrency-review-coinrevolution-1280x720-1-1-678x381.jpg 678w" sizes="(max-width: 1280px) 100vw, 1280px">
Upbit, a South Korea-based digital asset exchange, recently issued a <a rel="noopener noreferrer nofollow" href="https://upbit.com/service_center/notice?id=3859" target="_blank">statement</a> 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 <a href="https://coingape.com/glossary/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, almost identical to the 2021 bull market.
<h2 id="bitcoin-network-congestion-amid-resurgence">Bitcoin Network Congestion Amid Resurgence</h2>
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 <a href="https://coingape.com/glossary/Crypto-exchange-2/" target="_blank" rel="noopener noreferrer nofollow">crypto exchange</a> 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&nbsp;nearly&nbsp;$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.
Also read: <a href="https://coingape.com/breaking-coinbase-and-us-sec-send-joint-letter-to-judge-concerning-judgment/" target="_blank" rel="noopener noreferrer nofollow">Coinbase And US SEC Send Joint Letter To Judge Concerning Judgment</a>
<h2 id="bitcoin-price-evaluation">Bitcoin Price Evaluation</h2>
As of writing, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">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.
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.
Also read: <a href="https://coingape.com/shib-burn-rate-rockets-1300-as-shiba-inu-price-plunges/" target="_blank" rel="noopener noreferrer nofollow">SHIB Burn Rate Rockets 1300% As Shiba Inu Price Plunges</a>
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/upbit-delays-btc-withdrawals-and-deposits-amid-bitcoin-network-congestion/">Upbit Delays BTC Withdrawals And Deposits Amid Bitcoin Network Congestion</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Upbit Delays BTC Withdrawals And Deposits Amid Bitcoin Network Congestion

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