Key Points
- Upbit, South Korea’s largest crypto exchange, will cease trading support for Bitcoin Gold by January 23, 2025.
- Customers will have the ability to withdraw BTG for 30 days after the trading support is terminated.
Upbit, the leading cryptocurrency exchange in South Korea, has announced its decision to halt trading support for Bitcoin Gold starting from January 23, 2025. Even after the delisting, users will have the opportunity to withdraw BTG for up to 30 days.
Implications of Upbit’s Decision
The notice published on December 24, 2025, indicated that Bitcoin Gold (BTG) will no longer be accessible for trading on the Upbit exchange from 14:30 KST on January 23, 2025. This signifies that all buy and sell orders placed after this date will be automatically nullified by the exchange. Furthermore, BTG-related services, such as airdrops, wallet upgrades, and hard forks, will cease to be supported.
The exchange had already labelled BTG as a “subject to caution” virtual asset due to its trading volatility since December 10. The exchange evaluated various factors related to BTG, including its operational transparency, disclosure of significant information, and the feasibility and sustainability of its business. However, by December 24, the crypto asset’s status remained unaltered.
Market Impact and Future Possibilities
Following the announcement, Bitcoin Gold’s value has decreased by nearly 25% within 24 hours. The token has been on a steady decline since the beginning of December, with a 35% drop in the past week and over a 60% decrease in the past month.
In terms of market capitalization, Bitcoin Gold ranks 346th with a market cap of $226 million. BTG has a fully diluted valuation of $271 million and a 24-hour trading volume of $147 million.
Despite the scheduled delisting on January 23, 2025, users can still withdraw BTG until February 22, 2025. After this period, Upbit has cautioned users that return requests may take longer to process.
Bitcoin Gold, a Bitcoin hard fork, is an open-source cryptocurrency. It aims to decentralize the mining process by using a Proof of Work algorithm called Equihash, which can be executed by common Graphics Processing Units instead of relying on application-specific integrated circuits. Since its launch in 2017, some consider Bitcoin Gold a more user-friendly alternative to the larger Bitcoin (BTC) cryptocurrency.
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