Upbit Temporarily Suspends FCT2 and AVAX Deposits and Withdrawals for Maintenance

9 hour ago

South Korea's leading cryptocurrency exchange, Upbit, has announced temporary suspensions for deposits and withdrawals of two altcoins: FirmaChain (FCT2) and Avalanche (AVAX). These measures are part of scheduled maintenance to support network upgrades and enhance security.

For FCT2, the suspension begins at 3:00 a.m. UTC on the 18th, affecting all deposit and withdrawal functions. However, trading of FCT2 will continue normally on the exchange, and existing balances remain secure. The suspension is likely due to network upgrades, wallet security enhancements, or protocol updates, with durations typically ranging from hours to days based on historical patterns.

For AVAX, the suspension starts at 9:00 a.m. UTC on July 19, halting deposits and withdrawals while allowing trading to proceed. This is specifically for a scheduled Avalanche network upgrade aimed at improving security, transaction speed, and overall stability. Upbit has not specified an end time, but similar suspensions usually last between 2 to 12 hours.

Users are advised to complete any urgent transactions before the deadlines and monitor Upbit's official channels for updates. These temporary interruptions are standard in the industry and reflect the exchange's commitment to maintaining a secure and reliable trading environment.

FCT2
The temporary suspension of FCT2 deposits/withdrawals on Upbit is a neutral-to-mildly negative fundamental event. While described as routine maintenance for network upgrades, such suspensions typically create short-term liquidity constraints and minor selling pressure from cautious traders. However, continued trading availability prevents panic selling. Long-term outlook remains unchanged as upgrades could improve network functionality. Expect minimal price impact with potential for slight downward pressure during suspension period.
AVAX Avalanche $18.17 +3.76%
The temporary suspension of AVAX deposits/withdrawals on Upbit for network upgrades is fundamentally neutral to slightly positive. While creating short-term liquidity constraints, the underlying driver is infrastructure enhancement (improved security, speed, stability) which supports long-term value. The market typically interprets such maintenance as constructive, though the 2-12 hour freeze may cause minor volatility. Given Upbit's status as a major Korean exchange, successful implementation could reinforce AVAX's institutional credibility.
Technical analysis
Technicals show bullish momentum with RSI at 65.57 (1h) approaching overbought, MACD positive across timeframes, and price above key EMAs. However, overbought conditions on stochastic (91.05) and elevated ADX (39.76) suggest near-term consolidation risk before continued upward movement.
Sources
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