Bytecoin (BNC) price has reportedly crashed after major cryptocurrency exchange Binance announced to delist BNC from its platform. The surprise announcement of delisting this token that comes in the top 30 coin list of the Binance platform surprised the market. Since the announcement, it has shed 25% of its value, in terms of US$ as well as BTC department.
Though the trading volume is still hovering around the $10.7 Million range (at the time of publishing), reports say it’s because holders of BNC are dumping their tokens on Binance platform.
What does it mean for Bytecoin (BNC)?
62 percent of the Bytecoin’s trading volume comes from the Binance platform. Therefore, delisting from Binance will hurt BNC whether it hurts most. Delisting may permanently cripple this altcoin. In fact, BCN has to increase its trading volumes in other exchanges where it’s currently listed – Poloniex and HitBTC.
Delisting from Binance platform will give Bytecoin (BNC) the chance to check BCN community’s real strength. Reports say the worst hit will be the traders who only care about the price of Bytecoin. However, some analysts believe the investors who don’t see the price only will come out stronger after the initial setback. However, the future of this altcoin surely remains unclear.
What’s the Announcement of Binance on Bytecoin?
Binance has announced today, without referring any specific reason, that they have decided to delist 4 altcoins including Bytecoin (BCN) from their platform. Binance team has said that it’s part of their periodic review process to protect the interests of both its users and stakeholders. They’ve also shelled out 7 reasons for delisting a token without specifying the main reason for delisting the 4 altcoins. The holders of these altcoins are given time till October 12, 2018 (10 am UTC) for trading at Binance Exchange platform.
What’s the Scenario Currently?
When Binance CEO Changpeng Zhao was asked why they listed Bytecoin in the first place if they had to delist now, he said their review system doesn’t reveal everything sometimes. Zhao added, “We learn and improve”. Bytecoin spokesperson Jenny Goldberg reportedly said that their team is carrying out “active communication with the Binance representatives about the delisting situation”.
However, reports say Bytecoin was facing controversy for quite some time now. One of the major concerns of the investor community is that Bytecoin (BCN) is predominantly (82% of it) is a pre-mine coin that lacks development activity.
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