Bytecoin (BCN) is struggling for air – Binance delisting could be the final nail in the coffin
Bytecoin peaked on September 8th with the price of $0.002194 before falling down to $0.001741 on 12th. The currency struggled to break through the $0.002 until the 21st when we saw Bytecoin explode up to $0.002362 with a strong volume of $7.5 million behind the move. After slightly correcting, BCN ran up again on the 28th to the value of $0.002518. From here onwards the currency retracted somewhat and kept hovering around $0.0022 until this day. As major news from Binance dropped today, Bytecoin experienced a massive drop-off which led the price to its current monthly lows of $0.001696.
At the moment of writing, Bytecoin can be purchased for $0.001591 USD (-11.18% drop in the last 24 hours)/0.00000024 BTC (-7.82% rise in the last 24 hours). This value is 90.08% lower than the currency’s all-time high of $0.018631. Daily trade volume currently sits at $11,457,577 USD/1,734 BTC, with Binance (over 60%) and Poloniex (20%) amounting to most of that. With a loss of $100 million in valuation during the last day the coin’s market cap is sitting at $276,311,676, making Bytecoin the 30th most valuable cryptocurrency on the market.
No technical analysis will be provided for Bytecoin as the currency experienced an event many tokens dread the most. Namely it was announced today that, alongside ChatCoin, Iconomi and Triggers, Bytecoin is getting de-listed from the arguably biggest exchange in the world Binance. Such strong FA events tend to throw all TA out of the window and in takes a while before a cryptocurrency returns to normal.
?Read our guide on top coins on the market.
Getting back at the topic at hand. After reiterating their policy to perform regular listed asset re-evaluation in order to “maintain a high standard of quality” on their platform, Binance has decided that the mentioned 4 cryptocurrencies simply aren’t up to par to stay on the exchange anymore. The exchange listed several factors which have been assessed and which have seemingly had a strong influence on their final decision:
- Commitment of team to project
- Quality and level of development activity
- Network / smart contract stability
- Level of public communication and activity
- Responsiveness to our periodic due diligence
- Evidence of unethical / fraudulent conduct
- Contribution to a healthy and sustainable crypto ecosystem
The exchange will delist and stop trading on all pairs for these cryptocurrencies on October 12th 2018. Holders of these tokens are given until November 12th to withdraw them from the Binance platform; otherwise they will be lost forever.
The community reacted as one would expect to these news. Many greeted the decision, wondering how these “shitcoins” even got on Binance in the first place. Bytecoin was especially “put on blast,” considering their already well-publicized negative past which was well known before the currency got listed. Talks were had implying that there was plenty of “pay to play” involved with Binance accepting millions of USD from these projects to originally list them.
Paying such exorbitant sums to have your shitcoin listed wasn’t a big deal for their creators; getting listed on Binance would cause the prices of these tokens to skyrocket, giving the creators a chance to dump on the naïve retail investors and earn back their “investment” multiple times. Obviously Binance has decided to “go clean” with its fees from now on and the ousting of these suspected scam coins would imply that CZ and company are washing their hands of any wrongdoing. Better late than never.
Bytecoin had released a couple of updates themselves lately. Switch height for the network hard fork was set on the block 1629055 and the actual switch happened on October 1st. After this date, the network was ready to accept 0 fee transactions and the versions of Bytecoin software prior to 3.3.0 became outdated. V3.3.1 was released shortly after, offering users the hard-fork promised dynamic fees and API improvements. Finally, Bytecoin will have its Binance de-listing woes slightly eased by their listing on Gate.io.
Overall, Bytecoin is struggling for air right now. The investors aren’t impressed with their work, the bad press from the past is still haunting them, and now even the biggest trading platforms out there are shunning them. It’s always difficult to predict a cryptocurrency project dying but Bytecoin might just be the next name you’ll read on the crypto obituary board.
