Key Points:
On April 12, 2023, the APE/BTC trading pair on Upbit, South Korea’s largest exchange, experienced a sharp rise at around 17:15 UTC+8, reaching a maximum of 0.003 BTC (about $90), before settling at around 0.0011 BTC (about $33). Currently, there is still a 7x premium on this trading pair.
The sudden price increase may be due to Upbit’s suspension of ERC Token deposits and withdrawals due to the Shanghai upgrade. Upbit announced on April 12, 2023, urging investors to be careful when investing in ETH and ERC-type digital assets due to suspending deposits and withdrawing these assets during the network upgrade. The suspension has caused rapid changes in digital asset market prices, and there may be a market price gap compared to other exchanges.
As soon as the network upgrade is completed, deposit and withdrawal services for ETH and ERC-type digital assets will resume. However, there is a possibility that market prices will change rapidly at the time of resumption of deposit and withdrawal, so investors are urged to pay special attention to their transactions.
It is important to note that Upbit is considered the most trusted global standard digital asset exchange. Once the network upgrade is complete, the exchange will resume deposit and withdrawal services for ETH and ERC-type digital assets. Investors are advised to be cautious and closely monitor market changes during this time.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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