Upbit, South Korea’s largest cryptocurrency exchange, announced its intention to cease support for Bitcoin Gold trading effective from January 23, 2025. Users will have the option to withdraw BTG for up to 30 days following the delisting date.
As stated in a notice released on December 24, trading for Bitcoin Gold (BTG) will be discontinued on the Upbit platform from January 23, 2025, at 14:30 KST.
This action implies that any buy or sell orders submitted after January 23 will be automatically canceled by the exchange. Furthermore, all services associated with BTG, such as airdrops, wallet enhancements, and hard forks, will no longer be available.
Since December 10, Upbit has classified BTG as a virtual asset that requires “caution” due to its trading instability. The exchange has continuously assessed various factors concerning BTG, including its operational transparency, important disclosures, and the viability and sustainability of its business model. However, as of December 24, the status of this crypto asset remains unchanged.
“Upbit has concluded that the factors leading to the caution designation for Bitcoin Gold have not been adequately addressed, and thus opted to discontinue trading support as per the policy governing digital assets designated as high-risk,” the exchange stated.
Following the announcement, Bitcoin Gold experienced a significant decline of nearly 25% within 24 hours, as reported by crypto.news. The token has been on a steady downward trajectory since early December, experiencing a 35% drop over the past week and more than 60% in the last month.
In terms of market capitalization, Bitcoin Gold ranks 346th with a market cap of $226 million. It also has a fully diluted valuation of $271 million and a trading volume of $147 million over the past 24 hours.
Although trading support will cease on January 23, users are permitted to withdraw BTG until February 22, 2025. However, Upbit cautions that processing withdrawals may take longer once this window closes.
Bitcoin Gold is an open-source cryptocurrency created as a hard fork of Bitcoin. It aims to decentralize the mining process by employing a Proof of Work algorithm known as Equihash, which can be mined using standard Graphics Processing Units rather than relying solely on application-specific integrated circuits.
Since its inception in 2017, Bitcoin Gold has been regarded by some as a more user-friendly alternative to the larger Bitcoin (BTC) cryptocurrency.
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