As a seasoned crypto investor with a knack for spotting trends and understanding market dynamics, this recent development regarding Bitcoin Gold (BTG) on Upbit has piqued my interest. Having witnessed several delistings in the past, I’ve learned that such events often signal underlying issues within the project or the market as a whole.
Starting January 23, 2025, South Korea’s biggest cryptocurrency exchange, Upbit, will no longer facilitate trading for Bitcoin Gold. However, users will have the option to withdraw their Bitcoin Gold holdings for a period of 30 days following the delisting date.
Per a statement made public on December 24th, Upbit will cease trading Bitcoin Gold (BTG) as of January 23rd, 2025, at 14:30 Korean Standard Time.
Starting from January 23rd, any buy or sell orders placed afterwards will be automatically voided by the trading platform. Furthermore, the exchange will discontinue its support for Bitcoinswap (BTG), encompassing airdrops, wallet updates, and hard fork operations.
Starting from December 10th, the exchange has marked Bitcoin Gold (BTG) as a “caution-worthy” virtual currency due to its volatile trading activity. Since then, they’ve been examining various factors about BTG, such as the clarity of its business operations, disclosure of essential details, feasibility, and sustainability. Yet, by December 24th, the status of this cryptocurrency on the exchange has not been altered.
After finding that the concerns about Bitcoin Gold haven’t been addressed, Upbit has chosen to end its support for trading based on their policy for flagging digital assets and ceasing trade services.
Following the announcement, Bitcoin Gold experienced a significant drop of approximately 25% within the last day, as reported by crypto.news. Interestingly, this digital coin has been trending downwards since early December. Over the past week, BTG dropped by 35%, and over the past month, it decreased more than 60%.
Bitcoin Gold is currently the 346th largest cryptocurrency by market capitalization, boasting a value of approximately $226 million. When considering its fully diluted value, BTG’s worth increases to an estimated $271 million. Over the past 24 hours, Bitcoin Gold has seen a trading volume of around $147 million.
Even though the delisting is set for January 23rd, users will have the ability to withdraw BTG for thirty days following the cessation of trading support, which lasts until February 22nd, 2025. However, Upbit cautions that after this period concludes, it might take longer to process returns.
Bitcoin Gold is a type of digital money that’s open for everyone and was created as a split, or branch, from the original Bitcoin. Its goal is to make the process of mining more democratic by employing a method called Equihash for Proof of Work. This method can be carried out using standard Graphics Processing Units (GPUs), rather than relying on specialized hardware like application-specific integrated circuits (ASICs).
2017 saw the introduction of Bitcoin Gold, which some view as a more accessible option compared to the well-known Bitcoin (BTC) in the cryptocurrency realm.
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2024-12-24 13:30