Upbit’s Surprise Move: 4 New Altcoins Listed, Market Reacts Instantly
Four new altcoin listings were revealed today by Upbit, the biggest cryptocurrency exchange in South Korea. Trading support will start today at 15:00 Korean Standard Time (KST), the exchange announced. Furthermore, within two hours of the announcement, deposits and withdrawals will begin.
Initia (INIT), Spark (SPK), Resolv (RESOLV), and Ether.fi (ETHFI) all experienced slight price hikes following the news. The four altcoins will be allowed to trade against Bitcoin and Tether, the official release stated. Additionally, the Ethereum network will support ETHFI, RESOLV, and SPK, according to Upbit. In the interim, the Initia network will assist INIT.
The SPK supported today is a different asset from the SPARK previously airdropped by Upbit,
the announcement
Upbit’s 4 New Altcoins Surge Ahead of Official Listing
The four tokens are already exhibiting activity in secondary markets prior to the formal debut.
- ETHFI saw about a 5% rise, rising from $1.61 to $1.69.
- The largest increase, 11.4%, was recorded by RESOLV, which went from $0.158 to $0.176.
- INIT increased to $0.43 from $0.39. This was an increase of 10.26%.
- SPK increased 9.84% from $0.061 to $0.067.
Investor anticipation before the tokens’ official listing is highlighted by the modest gains. These four altcoins‘ inclusion coincides with a busy time for major exchanges, which is noteworthy.
Upbit Implements Temporary Trading Limits Ahead of New Altcoin Launch
In order to maintain market stability during the first trading phase, Upbit has put in place temporary limits. After launch, buy orders will be halted for about five minutes. For the same time frame, the exchange will also prohibit sell orders that are more than 10% below the closing price of the day before. Upbit will only allow limit orders for the first two hours.
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