Upbit set to delist Bitcoin Gold on Jan. 23, 2025 due to trading caution

Upbit, South Korea’s largest cryptocurrency exchange, plans to stop trading support for Bitcoin Gold as of January 23, 2025. Users can continue withdrawing BTG 30 days after the delisting date.

According to the announcement published on December 24, Bitcoin Gold (BTG) will not be able to trade on the Upbit exchange as of 14:30 (KST) on January 23, 2025.

This means that all trading orders requested after January 23 will be automatically canceled by the exchange. Additionally, BTG-related services, including airdrops, wallet upgrades, and hard forks, will no longer be supported by BTG.

The exchange has been labeling BTG as a “cautious” virtual asset since December 10 due to volatility in trading. Since then, the exchange has evaluated a number of issues regarding BTG, including the transparency of its operations, disclosure of material matters, practicality and sustainability of the business. However, as of December 24, the status of the crypto asset remained unchanged.

“Upbit has determined that the reasons for designating Bitcoin Gold as prudential have not been resolved and has decided to discontinue trading support in accordance with its policy of designating digital assets as prudential and discontinuing trading support,” the exchange said.

Bitcoin Gold price chart over the last few months, December 24, 2024 | Source: crypto.news

According to Crypto.news data, shortly after the notification was published, Bitcoin Gold fell by approximately 25% in the last 24 hours. In fact, the token has been experiencing a gradual downhill decline since the beginning of December. BTG fell 35% last week and more than 60% last month.

When ranked by market cap, Bitcoin Gold ranks 346th with a market cap of $226 million. BTG’s fully diluted valuation is $271 million and its 24-hour trading volume is $147 million.

Although delisting is scheduled for January 23, users can withdraw BTG for 30 days until February 22, 2025, after trading support ceases. However, after the period ends, Upbit warns users that refunds may take longer to process.

Bitcoin Gold is an open source cryptocurrency and hard fork of Bitcoin. It aims to decentralize the mining process using the Proof-of-Work algorithm called Equihash, which can be performed by common Graphics Processing Units rather than relying on application-specific integrated circuits.

Launched in 2017, Bitcoin Gold is also considered by some to be a more user-friendly alternative to the larger Bitcoin (BTC) cryptocurrency.

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