Bitcoin Gold (BTG) is one of the cryptocurrencies trading green in the wake of the overall sector turning bullish. The token has made nice recovery above the $20 USD mark, after initially struggling to rally past the psychological level.
Bithumb Liquidity Factor
The main catalyst behind the recent rally is the announcement that South Korean exchange, Bithumb, has increased BTG liquidity.
“Bithumb Korean exchange adds abundant liquidity to the $BTG Market, showing Korean investor’s confidence! -Available pair: BTG/KRW -Trading Fee: 0.15% -Advanced trading tools and charts,” BTG team wrote in a Twitter post.
The announcement helped push the token above the $27 USD mark at one point. BTG potentially looks set to continue powering high especially on sentiment in the overall sector turning bullish in recent weeks. With the cryptocurrency trading above its 50 Day Simple Moving Average and its 100 Day SMA, all indication is that the next stop could be the $30 USD mark.
Bithumb boosting Bitcoin Gold Liquidity is not the only catalyst pushing the cryptocurrency up the charts. Confirmation that WeiDex, a decentralized exchange, has teamed up with BTG has also gone well with investors. The two have agreed to work together on the development of a new cross-chain transaction technology. This tech will link Bitcoin Gold and Ethereum (ETH).
Bitcoin Gold is trying to pick itself up after coming under pressure on suffering a major security breach in May. Unknown parties with vast amounts of hash power used 51% attacks early in the year, managing to siphon $18M USD worth of the cryptocurrency.
Underlying Headwinds for BTG
The attack spilled over and affected a number of crypto-exchanges including Bittrex, Bithumb, and HitBTC. Bittrex, which lost nearly 12,372 BTG, asked the Bitcoin Gold team to compensate for the losses. The BTG team did not agree with Bittrex’s assessment.
Thus, Bittrex has since announced plans to delist Bitcoin Gold from its trading platform. Bittrex has gone to the extent of warning customers about a number of potential shortcomings associated with the token. The exchange alleges that the token has not formed a consensus code or implemented a replay protection.
The sentiments could hurt BTG going forward at a time when investors are extremely cautious. The Bitcoin Gold team can, however, heave a sigh of relief on the UK-based cryptocurrency exchange, Instant Bitex, comes to the rescue. Instant Bitex has confirmed plans to add Bitcoin Gold as one of its tradeable assets. BTG is to trade on the platform using the BTG/BTC pair.
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