South Korea’s Upbit and Bithumb lists MOVE on Dec. 9

by

As a seasoned analyst with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the simultaneous listing of MOVE on Upbit and Bithumb, two major South Korean exchanges, on Dec. 9 at 21:00 KST.

On December 9th, two significant South Korean cryptocurrency platforms, Upbit and Bithumb, are planning to make MOVE available for trading simultaneously. Trading for this token is set to commence on both platforms at 9 PM (Korean Standard Time).

On December 9th at 9 PM Korean Standard Time (KST), both Upbit and Bithumb will simultaneously list tokens from Movement Labs, an Ethereum (ETH) layer 2 solution, for trading. However, since this is the first global trading support for MOVE, there’s a possibility that the initial listing time might be adjusted. Users will be notified if there are any changes to the launch time for trading with MOVE.

MOVE can now be traded using Korean Won, Bitcoin (BTC), and Tether (USDT). However, deposits and withdrawals for this token can only be made through the Ethereum network. Upbit has set a minimum sell price limit for MOVE at $0.33 USD or its equivalent of 464.5 KRW, which is 30% lower than the lowest over-the-counter trading price from the previous day.

Upbit announced a temporary restriction on buy orders for Movement’s token when trading starts, which will last approximately 5 minutes. Conversely, all orders except limit orders will be restricted for roughly an hour following the commencement of trading for MOVE.

On Bithumb, unlike Upbit, MOVE will only be accessible for trading in the won market. Deposits and withdrawals of MOVE can commence approximately three hours following the announcement on Bithumb, which equates to around 17:30 KST. Trading for the token is set to start on Dec. 9 at 21:00 KST, but this timing may adjust based on launch conditions.

On MOVE, Bithumb has yet to establish a fixed starting price, however, they have acknowledged receiving 33 confirmation deposits for the token.

Just like Upbit, Bithumb will impose a buying restriction on MOVE for approximately five minutes following the market opening. Additionally, selling orders for MOVE will also be temporarily restricted for five minutes after trading begins, with prices limited to no less than 10% below the regular price and more than double the regular price.

Movements represent a Layer 2 solution on the Ethereum network, incorporating both MoveVM and EVM transaction capabilities. This dual functionality enables developers to preserve compatibility with current Ethereum-based applications, all while enjoying advantages like exceptional stability and scalability.

Movement Lab’s utility token, called MOVE, serves multiple purposes including staking, delegating decisions, participating in governance, and making payment for gas fees.

Read More

2024-12-09 11:52