Key Highlights:
- Internet Computer (ICP) briefly surged about 16% after Upbit announced support for the token on its exchange.
- The rally later cooled, though ICP remained higher and traded around $2.70 following the announcement.
- Trading activity spiked sharply, with 24-hour volume rising over 550% as new markets opened.
Internet Computer (ICP) spiked quickly after a new exchange listing announcement before giving back part of the gains later in the session. The spike came after South Korea’s largest crypto exchange, Upbit, confirmed it would list the crypto and allow trading across several markets.
Market data from HTX showed that ICP briefly grew around 16% shortly after the news came out. The crypto later retreated some of that rally after the sudden trading activity got stable. Even after the pullback, ICP was trading near $2.70. At the time of writing, the price shows a gain of a little more than 6% since the listing news came out.
Internet Computer ($ICP) Surges Post Listing on Upbit
According to market data, the 24 hour trading volume for Internet Computer reached nearly $290 million, i.e, a jump of more than 550 percent compared with the previous day.
The listing news from Upbit revealed that Internet Computer would be available in three separate trading pairs. These include markets against the Korean won, Bitcoin, and Tether. The exchange said deposits and withdrawals would begin within about one hour and thirty minutes after the official notice.
Trading support for ICP was scheduled to begin on March 11 at 17:00 local time. As part of the rollout, Upbit also outlined a number of temporary trading restrictions designed to stabilize early activity.
For the first few minutes after trading begins, buy orders will be limited. The exchange said this measure would remain in place for roughly five minutes. During the same period, sell orders priced more than 10 percent below the previous day’s closing price will also be blocked.
In addition, Upbit confirmed that only limit orders will be allowed during the first two hours after trading opens. Other order types will remain restricted during this initial phase. The exchange often introduces such measures when listing new cryptos to handle volatility during the early stages of trading.
The previous closing price for ICP in the Korean won market stood at 3,707 KRW. Shortly before the listing news, the token was trading near 3,497 KRW. Prices in other markets also showed similar fluctuations as traders responded to the news.
Along with trading guidelines, Upbit laid down several warnings related to deposits and withdrawals. Users were advised to confirm that transfers are made only through the supported Internet Computer Protocol network. Deposits sent through other networks will not be processed by the exchange.
The platform also highlighted compliance requirements linked to the Travel Rule. If cryptos are transferred from exchanges that are not included on the approved Virtual Asset Service Provider list, the deposit may not be credited. In such cases, the return process could take an important amount of time.
Upbit has warned users that deposits and withdrawals are allowed only via personal wallet addresses that have completed the necessary verification process. Even when a wallet is linked, the exchange may still request additional confirmation depending on the network used for the transfer.
The exchange also warned that large deposits with unclear origins may call for requests for documentation related to the source of funds.
The Internet Computer project aims to create a decentralized computing network capable of hosting apps and services directly on the blockchain.
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