Cryptocurrency News

As Bytecoin Struggles, Delisting from Binance Signals Tough Times Ahead

Bytecoin

Bytecoin achieved a high of $0.002194 a few days ago before it plummeted to $0.001741 a mere four days later. Bytecoin had struggled to break the $0.002 barrier until September 21st, when it rose back to $0.002362, increasing its market cap by $7.5mn with the move. After a minor correction, Bytecoin rose to the price of $0.002518 on September 28th. But since then, the cryptocurrency once again plummeted and is currently trading near $0.0022. Also in other major news, Binance delisted Bytecoin (BCN) which resulted in the crypto crashing and witnessing a massive drop in its prices to a low of $0.001696.

Presently, Bytecoin is trading at $0.001591 and has witnessed an 11.81% decline. This is almost 90% lower than its all-time record high of $0.018631. Losing almost $100 million in market cap in last 24 hours, the market cap is currently at $276,311,676, ranking it 30th as the most valuable crypto in the market.

Technical analysis for Bytecoin is currently unavailable as the currency will be delisted from Binance along with various other cryptocurrencies like ChatCoin, Iconomi, Triggers etc. These events have the power to completely derail any growth or bullish movement expected in the cryptocurrency market.

Binance arrived at the decision of delisting the four cryptocurrencies post reiterating its policy of maintaining high-quality standards. These cryptos were not at par with the requirements of the exchange, along with an assessment of many other factors which has influenced the decision to delist the cryptocurrencies mentioned above

Binance will be delisting and halting the trading of these cryptocurrencies from Oct 12th 2018 onwards, and individuals holding these cryptocurrencies can withdraw these coins from the platform by Nov 12th 2018. Failing to do so would result in the coins being lost forever.

The reaction to this news was in line with expectations, while many celebrating this decision and wondering why Binance ever listed these ‘shitcoins’ to begin with. Bytecoin received the most heat, as the cryptocurrency was already in the news for all the wrong reasons even before it even got listed. Furthermore, there were speculations of Binance receiving millions of dollars for listing this cryptocurrency on its platform.

The creators of these ‘shitcoins’ would have not minded paying such high sums of money for getting their cryptocurrencies listed. By getting listed on the Binance its value would instantly rise, allowing the creators to gain returns on their investment while the investors suffer and absorb all the losses. As expected, Binance decided to come clean regarding its fees and the delisting of these ‘shitcoins’ simply can imply that the company and CZ are merely trying to cover up their roles and wash their hands clean of any wrongdoing. Only time will tell if Bytecoin can survive the tide or have its named carved up in the crypto wall of shame.

 

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