Markets News Report
September 25, 2023

Upbit’s Bitcoin Paired GLMR Listing Triggers a 45% Price Surge

In Brief

Upbit’s announcement to list GLMR sparked a 45% surge in the asset’s price to $0.23, with deposits opening soon exclusively on the Moonbeam Network.

Upbit Lists GLMR Triggering a Notable Price Surge

South Korean exchange Upbit, declared its intention to enlist GLMR for trading, paired with Bitcoin. In response to the announcement, GLMR’s price swiftly surged to $0.23 approximately, marking a impressive 24-hour increase of over 45%.

Upbit said that deposits for GLMR will commence within three hours of the announcement, exclusively supporting Moonbeam Network deposits. However, deposits made via networks like BSC will not receive support, ensuring security and regulatory compliance.

Transaction Details and Limitations

Scheduled to launch on September 25, 2023, at 18:00, the new digital asset will have specific limits for a secure, stable trading environment. Initial trading will see buy orders limited for the first five minutes and market price and pre-orders constrained for the initial hour.

This approach aims to mitigate potential losses amid the expected sharp price fluctuations at the onset of transactions.

GLMR functions as a native token for Moonbeam, a Polkadot parachain project. The initiative aims to develop into a comprehensive smart contract platform, mirroring the EVM environment. GLMR tokens find use in various capacities, from paying transaction fees and participating in staking to acting as a payment method for on-chain transactions and governance within the Moonbeam ecosystem.

Upbit Caveats for Investors

Given the scenario, investors should proceed with caution. Investments in digital assets like GLMR are prone to sudden price fluctuations. These changes are often driven by speculative demand and shifts in regulatory landscapes, both domestically and internationally.

Upbit underscored the importance of investor responsibility. The exchange emphasized the critical role of decision-making and handling potential losses. Upbit urges investors to thoroughly review and understand the asset before investing.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

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