Since September 19, on the South Korean crypto exchange Upbit Four new altcoins—ETHFI, RESOLV, INIT, and SPK—have launched trading. They are available for trading against the stablecoin USDT and Bitcoin.
For ETHFI, RESOLV and SPK, deposits and withdrawals will be carried out on-chain Ethereum, and INIT transactions must be conducted on the Initia network.
To ensure the stable launch of these tokens, Upbit imposed some temporary trading restrictions, including blocking buy orders for approximately five minutes after the start of trading, and limiting sell orders at a price more than 10% below the previous day’s closing price during the same period.
After the first 5 minutes, traders will only be able to place limit orders for the first two hours.
Since Upbit — is the largest cryptocurrency exchange in South Korea, and listings on it are often preceded by significant price fluctuations, usually upward.
This is what happened this time too. For example, after the listing news was published kriptovalyuta RESOLV rose by more than 6%, INIT by 4,75%, and SPK by 2,5%. But token ETHFI, on the other hand, has fallen by almost 0,37% over the past 24 hours.