Bithumb Exchange Halts XLM Deposits Amid Network Upgrade, Sparking 5% Price Volatility

Stellar's XLM token experienced significant volatility during a turbulent 24-hour trading session, fluctuating between $0.34 and $0.36 amid heavy volume changes. The cryptocurrency initially maintained stability before a late selloff wiped out 5% of its value, followed by a sharp rebound that market analysts attributed to institutional accumulation patterns.

Trading activity became particularly intense between 13:45 and 13:46 UTC, when over 1.28 million XLM traded at the session's low. The recovery struggled during the final trading hours, leaving the token range-bound as technical analysts identified the formation of a potential breakout pattern.

Fundamental pressure emerged from market infrastructure developments, with Bithumb announcing temporary deposit suspensions in preparation for stellar network upgrades. The South Korean exchange's decision underscores the ongoing tension between blockchain evolution and trading continuity.