South Korea’s largest cryptocurrency exchange, Upbit, has announced plans to discontinue trading support for Bitcoin Gold (BTG) starting January 23, 2025. Users will still have 30 days to withdraw their BTG after the delisting date.
Per notice published on December 24, all buy and sell orders involving BTG will be automatically canceled after January 23 at 14:30 KST. Additionally, Upbit will cease support for BTG-related services such as airdrops, wallet upgrades, and hard forks.
BTG was flagged as a “subject to caution” by Upbit on December 10 due to its trading volatility. The exchange evaluated various factors, including the transparency of BTG’s operations, disclosures of key information, and the sustainability of its business model. As of December 24, these concerns remain unresolved.
“Upbit determined that the reasons for designating Bitcoin Gold as a subject of caution have not been resolved and decided to terminate trading support,” the exchange stated in its notice.
Following the announcement, BTG’s price dropped nearly 25% in the past 24 hours and has been in steady decline since early December. Over the past week, BTG has lost 35% of its value, and it has fallen more than 60% in the past month. It currently ranks 346th by market capitalization, valued at $226 million, with a 24-hour trading volume of $147 million.
Despite the delisting, users will be able to withdraw BTG until February 22, 2025. Upbit warned that withdrawal requests made after this period may face delays in processing.
Bitcoin Gold, launched in 2017 as a hard fork of Bitcoin, aims to decentralize mining through the Equihash Proof of Work algorithm, enabling mining with standard GPUs instead of specialized hardware. Often viewed as a more accessible alternative to Bitcoin (BTC), Bitcoin Gold has struggled to maintain its market position in recent years.
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