South Korea’s largest crypto exchange, Upbit, plans to stop trading support for Bitcoin Gold starting from Jan. 23, 2025. Users can still withdraw BTG 30 days after the date of delisting.
According to notice published on Dec. 24, Bitcoin Gold (BTG) will no longer be available for trading on the Upbit exchange starting from Jan. 23, 2025 at 14:30 KST.
This means that all buy and sell orders requested after Jan. 23 will automatically be canceled by the exchange. Additionally, services related to BTG, including airdrops, wallet upgrades, and hard forks will no longer be supported by BTG.
Since Dec. 10, the exchange has already tagged BTG as a virtual asset that is “subject to caution” due to its volatility in trade. Since then, the exchange has considered a range of aspects related to BTG, including the transparency of its operations, disclosure of important matters, practicality and sustainability of its business. However by Dec. 24, the crypto asset’s status remains unchanged.
“Upbit determined that the reasons for designating Bitcoin Gold as a subject of caution have not been resolved, and decided to terminate trading support in accordance with the policy for designating digital assets as subject to caution and terminating trading support,” wrote the exchange.
Shortly after the notice was released, Bitcoin Gold has gone down by nearly 25% in the past 24 hours, according to data from crypto.news. In fact, the token has been on a gradual downhill slide since early December. BTG has plummeted by 35% in the past week and more than 60% in the past month.
When ranked based on market cap, Bitcoin Gold stands in 346th place with a market cap of $226 million. BTG has a fully diluted valuation of $271 million and a 24 hours trading volume of $147 million.
Despite the delisting being scheduled for Jan. 23, users can still withdraw BTG for 30 days after the trading support has stopped, up until Feb. 22, 2025. Though after the period ends, Upbit warns users that returns may take longer to be processed.
Bitcoin Gold is an open-source cryptocurrency and Bitcoin hard fork. It aims to decentralize the mining process by using a Proof of Work algorithm called Equihash, which can be performed by common Graphics Processing Units instead of relying on application-specific integrated circuit.
Launched in 2017, Bitcoin Gold is also considered by some as a more user-friendly alternative to the larger Bitcoin (BTC) cryptocurrency.
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