EGLD Token Surges 20% on Upbit’s New Korean Won and BTC Trading Pairs

South Korea’s largest cryptocurrency exchange, Upbit, has announced the addition of two new digital assets, EGLD and BTC, to its KRW market. The announcement was made today, April 27, 2023, and users can start depositing EGLD to their Upbit accounts within three hours of the announcement.

The news had an impact on EGLD token’s performance, causing it to soar by over 20% and trade at $47.76 at the time of the press release. However, compared to its all-time high of $545 in November 23, 2021, it has dropped by 91%.

EGLD/USDT 1 hour-chart | Source: TradingView

Upbit has warned users that adding new cryptocurrencies to its trading platform can lead to sharp price movements, and investors should be aware of the risks involved. The exchange has put certain measures in place to safeguard users, including a temporary restriction on market orders and a 5-minute restriction on buy orders when trading opens.

The price of EGLD on CoinMarketCap at the time of the announcement was 57,710.38 KRW or 0.001468 BTC. Upbit has also reminded users of the importance of complying with travel rules when depositing cryptocurrencies, and they should ensure that they only use supported virtual asset service providers (VASPs) listed on Upbit.

Upbit’s decision to add EGLD to its trading platform is a significant boost for the cryptocurrency. This will increase its visibility and make it more accessible to investors in South Korea. EGLD is the native token of the MultiverseX blockchain network and is used to pay for transactions on the network, as well as to access various services on the platform.

Upbit is one of the most trusted cryptocurrency exchanges in South Korea, and its decision to list EGLD is a significant endorsement of the token. It is expected that the addition of EGLD to Upbit’s trading platform will lead to a surge in trading volumes and a rise in its price. However, investors should be aware of the risks involved in trading cryptocurrencies and should always do their research before investing.

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