South Korea’s main cryptocurrency trade, Upbit, has announced the momentary suspension of deposits and withdrawals of the Stellar community’s native token, XLM, and different property on the community. In line with a press release from the trade, nothing severe occurred, and the occasion was brought on by the necessity for upkeep of the Stellar community and the wallets in it.
On condition that Stellar’s official info sources are quiet, and that related momentary suspensions usually are not seen on exchanges aside from Upbit, it may be assumed that this can be a drawback instantly with the South Korean platform.
Stellar (XLM) worth motion
The XLM token has not been notably affected by the occasion both, with its worth falling by greater than 2% at the second however in tandem with the remainder of the crypto market.
Apparently, because the starting of the yr, XLM has outgrown XRP by greater than 4%, which may typically be thought-about its competitor. The rivalry dates again to the times when Jed McCaleb left Ripple — which makes use of XRP in its cross-border cash transactions — and based Stellar, which makes use of XLM.
It appears more often than not that XLM is attempting to catch up and act as a form of beta to XRP, that’s, reacting by inertia to all narratives that transfer the value of its bigger competitor. Nevertheless, it now appears that the division into senior and junior cash is progressively being erased.
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