Bitcoin Gold which is a spinoff of Bitcoin, currently, is at the point of concern after Bittrex Inc. delists it from its platform. This will be in effect from 14th September. The decision was taken after the May hack on the Bitcoin Gold blockchain.
Our community asked us to comment on Bittrex's action regarding BTG. You can read our full response here: https://t.co/UZWaIFRwHb
— Bitcoin Gold [BTG] (@bitcoingold) September 3, 2018
About Bitcoin Gold and Bittrex
Cryptocurrency and cryptocurrency exchanges are in trend, nowadays, that always sparks on headlines. However, Bitcoin Gold is currently facing a dilemma because of its involvement in the hack. During this hack they experienced a substantial loss together with subsequent disputes.
Bittrex is also the US leading cryptocurrency exchange with majority of client handling capability. It has given a good response since long way.
At the moment, Bitcoin Gold is one amongst the active trading crypto on Bithumb exchange. They are operating around 20 percent of all transactions going against KRW.
The news report says that those behind the May Bitcoin Gold hack were successful in stealing $18 million worth Bitcoin Gold via double spends. This is by transacting the same crypto coins twice; however, their 51 percent hash rate control was the savior. This allowed them to validate their double transaction.
Today, the past hack is at the core of the dispute among Bittrex and Bitcoin Gold. Bittrex is trying to seek compensation, more than 12,000 BTG ($265,000), for the loss that took place. In return, Bittrex will allow the Bitcoin Gold to continue with listing of BTG. Whereas, according to Bitcoin Gold this decision holds no liability.
Bittrex Delists Bitcoin Gold
Bittrex is not the only largest cryptocurrency exchange that is supporting Bitcoin Gold transactions; however, this is a significant one.
Bitcoin Gold has posted a tweet on their official account in response to their request by community for the explanation on the delisting of BTG recently announced by Bittrex. The explanation on the official website states that the delisting follows their refusal to pay Bittrex an amount around 12,372 BTG. This amount is equals to USD263, 028 depending on price at the time of writing.
The team provides an explanation via its official website, saying
We regret to inform our community that the crypto exchange Bittrex has decided to de-list BTG after we declined to pay them 12,372 BTG to remain listed.
We suspect the impact Bittrex’s action on our Ecosystem will not be substantial, as Bittrex has not been a top liquidity provider for BTG in recent months (current top exchanges include HitBTC, Bithumb, Binance, Bitinka, and Bitfinex; Bittrex markets represent a small fraction of our volume at this time.)
The delisting is going to be in effect on 14th September. The result after this shows that the cryptocurrency community went into mute as BTG/USD was hardly moving. Looking at the short-term perspective, Bitcoin Gold is range bound having mild downside bias.
However, the growth will resume if it keep up above $21, 30 – $21.00 price value. The liquidity is the potential to success of any cryptocurrency; however that liquidity involves the wide exchange support.