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Upbit Announces Delay in Bitcoin Withdrawals and Deposits Due to Network Congestion

source-logo  en.coin-turk.com 17 November 2023 13:55, UTC

Upbit, a leading South Korean digital asset exchange, has announced delays in Bitcoin (BTC) withdrawal and deposit transactions, citing congestion on the Bitcoin network. This development has sparked a reaction within the cryptocurrency community, reflecting the scenario of the 2021 bull market.

Upbit Faces Delays in Bitcoin Withdrawals

Upbit recently stated that the withdrawal process for BTC on its platform is currently experiencing delays due to congestion on the Bitcoin network. Additionally, the deposit refund process will also be affected during this congestion period.

The congestion on the Bitcoin network causing delays in withdrawal and deposit transactions on Upbit is in line with the recent resurgence witnessed by Bitcoin. This scenario reflects the conditions observed during the 2021 bull market and adds a speculative element to the cryptocurrency market. Upbit emphasized its intention to facilitate the withdrawal process by prioritizing withdrawals that undergo network stabilization and block processing. This approach aims to address the accumulation caused by network congestion.

Revival of the Bitcoin Options Market

Recent data reveals that the Bitcoin options market is experiencing a revival, reaching a new milestone with approximately $14.9 billion in open positions. This figure surpasses the milestone set in October 2021, just before Bitcoin reached its peak. The funding rate in the perpetual futures market has also increased, reminiscent of the excitement in the previous bull market. This situation has contributed to the increase in BTC transactions.

Despite the network congestion issues, the current price of Bitcoin remains at $36,394. Last month, Bitcoin showed an impressive increase of 26.71%, reflecting the positive sentiment in the market. Although there have been slight fluctuations in the short term, the overall trend indicates resilience and potential for recovery. The global interest generated by Bitcoin’s recent price movements demonstrates its continued significance in the financial world.

In conclusion, Upbit’s BTC withdrawal delays serve as a reflection of the broader challenges posed by Bitcoin network congestion amidst the market’s revival. It also highlights the need for efficient scalability solutions in the evolving cryptocurrency landscape.