Bytecoin (BCN) fighting for life and negotiating re-listing on Binance. But the outlook is bleak

In a span of couple of days, BCN got delisted from two big exchanges: OkEX and Binance.

Binance announced on the 9th of October, that it would delist four digital assets, BCN among them, effective October 12th, 10am (UTC).

Binance was by far the biggest BCN market whereas OKEx represened only 4% of the volume. Bytecoin is still listed on HitBTC and Poloniex. Since the news went live on the 9th, coin has dropped from of $0.0022 to current levels of $0.0014: this is a drop of 36.4% in less than a week.

BCN team took to Reddit in an effort to calm down the worried community and announced the following:

Dear community,

We’d like to clarify the situation with Binance

We are in the process of active communication with the Binance representatives about the delisting situation.

Bytecoin should proceed its trading on Binance without any issues, and we are trying to come to an agreement as soon as possible.

For now any detailed communication with the Binance can’t be disclosed for privacy reasons.

We will keep you updated during the day. Thank you for your patience.

The announcement is sparse and lacks any sort of clarity. What is meant by the “active communication” with Binance? It could be just a regular support ticket raised like any user is able to do it? Or perhaps they are in some kind of an email exchange with low-level Binance representatives? I doubt the Binance management works on this issue so the chances of BCN on getting back to the exchange are pretty slim. It would be an unprecedented move for Binance.

Once you take into account that the actual reason for delisting is more than valid – BCN artificially pumped their markecap to the billions, then locked users’ wallets and clogged the blockchain to deny any transfers and withdrawals during that pump and dump.

Just take a look at this Redditor’s experience:

I was a true BCN believer if there ever was one, bought it, purchased Asics to mine it, the whole nine yards. At the time of the Binance shitshow I had upwards of 25M BCN which I was unable to move to Binance even 20 minutes after the pump started.

That would have netted me a little over $4 Million USD but instead I just watched from the sidelines the no doubt pre-orchestrated con-job unfold…

After that , I waited for the price to stabilize and sold every single BCN and exchanged it for another coin that starts with electr…and ends in onium.

I got in early and already enjoy a 400% increase.

I am very disappointed and pissed at the whole BCN team for everything they DIDN’T do for this coin. No marketing of any kind and no significant movement forward.

Jedi_Ghost_

 

The delisting was a good move in our eyes as we need to trim the market down and weed out the no-value projects. It is the evolution laws and natural selection that rule every domain of human activity, crypto is no different.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Sarah Wurfel

Sarah Wurfel

Sarah Wurfel works as a social media editor for CaptainAltcoin and specializes in the production of videos and video reports. She studied media and communication informatics. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies.

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