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Bytecoin [BCN] bites the dust with a 22% loss after Binance delisting

Anirudh VK

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Source: Unsplash

Earlier today, Binance announced the delisting of Bytecoin [BCN] and three other altcoins. Following the announcement, Bytecoin dropped by 22%, breaking out of its sideways movements in a disastrous blaze of glory.

The coin was trading between $0.0022 and $0.0021 for the whole of last week, with no signs of the coming drop until the announcement by Binance. Following this, the coin saw a sharp knife drop downwards to the $0.0017 mark.

7-day BCN price graph | Source: CoinMarketCap

7-day BCN price graph | Source: CoinMarketCap

While it is unclear why the price stopped its decline at this specific mark, the movement saw the market erase around $87 million. Interestingly, the trading volume went up by almost 8x, from around $1.5 million to almost $10 million.



The announcement made by Binance stated that they delisted the coin from their exchange as they did not stick to the “high standard of quality” of assets on their exchange. They also mentioned factors such as commitments of the team, specifics of the development cycle, stability of the network and the due diligence conducted by the exchange to gauge the state of the project.

Specific reasons for the delisting have not been mentioned. However, Bytecoin had a healthy development cycle, with a hard fork occurring recently and update notes released on 4th October. It is also one of the oldest coins in existence and was created in July of 2014.





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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