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Bytecoin [BCN] back on Binance and CoinMarketCap – sees a recovery in the market

Sthuthie Murthy

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Bytecoin [BCN] back on Binance and CoinMarketCap - sees a recovery in the market
Source: Pixabay

Bytecoin [BCN] is back on Binance and CoinMarketCap and is showing a rise when the whole market is bleeding. The coin had seen a huge dip in the rank on CoinMarketCap, it went straight from the 15th position to the bottom position of 1594. The coin is currently at the 16th position with a market cap of $2 billion and is currently trading at $0.001 and has seen a rise of more than 1% in the past 1 hour.

There is still no data regarding the change in the past 24 hours on CoinMarketCap but the platform shows a rise of more than 67% in the past 7 days.

Binance, the biggest platform exchange in the world which was held responsible for the huge pump and dump of the coin due to its listing on the platform has also reopened the trading of the coin after freezing it on their platform after an error was spotted.

Bytecoin [BCN] official Twitter page tweeted regarding the same:

“Dear Community! Bytecoin Deposits and Withdrawals are now available on Binance!”

There is no update regarding the status of the coin with Poloniex. All the Poloniex users who tried to transfer their BCN funds from Poloniex to Binance haven’t received their funds on Binance. This is leading the mass majority claiming that Poloniex is scamming their users.

Bytecoin [BCN] faced a huge crash on all the platforms which was caused due to a bug. The bug entered the system as 25% of the miners were using the outdated software for mining the coin due to an unexpected growth of users. This eventually led to the network instability and the team had to forcefully shut down the activity and advised all the users and miners to upgrade to the new software and said that once everyone has finished updating to the new software, the error would be resolved in the 24-48 hours.

In addition, Bytecoin [BCN] developers team said that the stress-test made by the network overloading wasn’t successful but they have done their best to shorten the period of downtime and the system is recovering back to stability.

While some people believe that the developers are doing their best to fix all the problems, some believe that there is still something unusual going on with the coin.

Maverick Hosa, a Twitterati says:

“Well. Dont cry over spilled milk. These guys are at least trying to fix everything. The pump was well planned and no one knew about this. It was outside planning. NOW is the perfect time to get back in if you see BTC price and BCN…..it can only go up from here.”

Aman Sharma, another Twitterati says:

“Binance listed bcn then surely there was hike but i lost 2 btc due to bug. This was totally scam. This was not expected from you bytecoin. The worst coin is bytecoin now. Because of your scam i lost my 2 btc. please refund atleast my half amount to fullfill my losses.”

The Crypto Keeper says:

“Got whatever money I have left now… after your orchestrated scheme. Thanks Poloniex for scamming us all!!!! I have half of what I had when I withdrew… Investing in crypto I knew the risk of volatility and failure of projects but who knew the exchanges would be the worst part”

Humanitarian, a Twitter user says:

“Dear bcn, You still didn’t give any convinced declaration, No recovery takes place Does this not disturb, that tenthousands people lose his money because of your mistakes We expect a convinced explanation to recover the trust”

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Sthuthie Murthy is a full-time reporter at AMBCrypto. She has been researching and writing about the Blockchain technology for a year now. Her passion for blockchain has led her to be a part of AMBCrypto's news reporting team. She does not hold value in any cryptocurrencies currently.

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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ – says Ran Neu Ner

Laira Rebecca

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‘The U.S SEC must regulate the cryptocurrency market to eliminate the bad actors’ - says Ran Neu Ner, the CNBC host
Source: Max Pixel

CNBC Fast Money, hosted by Melissa Lee, had Ran Neu Ner as the guest this time. Ran Neu Ner is a famous host of CNBC Africa’s Crypto Trader show and is the Founder of OnChain Capital.

The main topic of discussion was about “Is cryptocurrency market being manipulated?”

According to Ran, in the past, it was easier to manipulate the cryptocurrency market because there were a very few exchanges, a few on-ramps, and off-ramps. However, today with an overall market cap of $330 billion, it is a bit more difficult, because there are many exchanges and the volume of the digital currencies are much higher.

He also mentioned about the recent tweets that exposed a group, who is manipulating small penny tokens and how they got exposed for manipulating small e-liquid tokens.

Melissa further raised a doubt about how the market manipulation is occurring in deepest markets like London Interbank Offered Rate [LIBOR] and compared it with the U.S cryptocurrency market.

Ran mentioned that he is not sure about it, because the U.S. Securities and Exchange Commission [SEC] has not regulated Bitcoin and other cryptocurrencies.

Therefore, there are no regulated acts, under which the illegal terms can be questioned.

He says:

“what is the problem of driving the prices up? It is illegal in terms of what act? We are not a currency, not a commodity, we don’t know what we are.”

Further, they discussed, due to the uncertain market values of BTC and other coins, should the traders be cautious about what the SEC, U.S. Commodity Futures Trading Commission [CFTC] or the U.S Department of Justice [DOJ] is going to look at.

Ran says, when the SEC and other organizations come up with regulations, it is going to open the floodgates for new money to come in. He thinks that regulations are eminent and he expects SEC to quote new regulations for cryptocurrency and hopes that everyone will follow it.

Also, he mentioned that he would encourage crackdowns because they can catch the bad actors who create a lack of trust. To obtain a real asset class with real people, eliminating bad actors is very important.

Ran believes that people across the U.S are waiting for the guidance of SEC and they have a huge part to play in regulating cryptocurrencies, while other countries are already looking into various aspects of cryptocurrency and have started accepting them.

A cryptocurrency enthusiast says:

Always an interesting conversation when it comes to manipulation. The #Silver market has had a conspiracy theory about being manipulated for more than 10 years.”

Anthony Matthew, a business analyst says:

“BTCUSD barely broke lower than 7500 all day, despite well-known news of cryptotrade manipulation and DOJ + CFTC investigation.  I feel like I am trading in the stock market again, so I am buying Bitcoin at 7500.”

A cryptocurrency miner named Chad commented:

“Maybe the DOJ and @CFTC will crack down on manipulative paid Roger Ver shilling appearances too”

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TRON [TRX] partners with vSport to launch world’s first Soccer Blockchain

Prerana Sarkar

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TRON partners with vSport to launch world's first Soccer Blockchain
Source: Pixabay

On May 25, Justin Sun announced that TRON and vSport have come up with a partnership where the two companies can support each other in the development of the soccer industry’s blockchain technology by sharing content and creating communities that shall increase its reach.

vSport aims to build a sports ecosystem with cross-partnerships with leading networks’ like TRON along with authorized distributors of the World Cup and make payments easier and more scalable. This project is dedicated to creating a public chain for the Global Sports Industry. It is expected to be the world’s first non-profitable blockchain platform, involving tokens.

Qiang Bai, an artificial intelligence entrepreneur who is the mastermind behind the creation of vSport has paired with the famous Dutch footballer Wesley Sneijder. This collaboration also involves the world’s largest sports social media powerhouse 433, and China’s Sport8 which is a successful sports educational platform.

After the launch in Singapore, vSport co-founder, Wesley was quoted as saying:

“I believe Blockchain can help to bring balance to the economics of sports. That is why we launched our sports-chain project. I’m excited to see an open and decentralised sports community that focuses on fans first.”

Both the parties have come to an agreement on sharing its collaborative techniques, resources, and energy to create a decentralized web platform to make the blockchain technology more mainstream. The TRON community believes in rewards for all the people contributing to its progress. A special community is going to conduct an assessment of the participant’s contribution based on which TRX tokens, TRON merchandises like t-shirts and gifts will be offered.

Justin Sun, the Founder of TRON, has put out his views stating:

“Soccer is the biggest sport in the world. It has the largest fan base, and the community has always had a keen sense and great enthusiasm for new things. Combining soccer and sports in general, with blockchain technology will effectively expand community support for blockchain. This will provide people with an enhanced experience of blockchain and even change their lifestyles.”

He mentioned Wesley Sneijder, the former Netherlands national team footballer who Justin claimed to have helped in heading soccer-related projects off the field. He then spoke of him as:

“Wesley Sneijder, who not only helped the Netherlands dominate the field, but also has spearheaded soccer-related projects off the field. As a fast learner that embraces blockchain technology, it’s likely that Wesley will completely change the structure of the soccer ecosystem through this initiative. TRON very much looks forward to this partnership.”

Today he posted on Twitter saying:

 

The TRON protocol provides one of the most scalable operating systems in the world with its blockchain technology. It enables users with large-scale data transmission with a promise of more than 10,000 transactions per second. They also have the feature of smart contracts for crowdfunding and issuing more digital assets.

One Twitter user supports the partnership by replying:

vSport now holds a large traffic with more than 30 million sports enthusiasts and 15 million supporters from China. The 2018 Russia World Cup is scheduled to open on the 14th of June, gaining more importance in what was announced today. TRON and vSport will work towards creating a blockchain based ‘soccer results forecasting platform’ for better quality entertainment for its fans.

According to Qiang Bai:

“With sports models of the past, it is hard for fans to get rewards in exchange for their enthusiasm and contributions, which causes serious imbalance in the value structure. Collaborating with TRON allows us to join forces with another strong company, leveraging our soccer and sports resources to solve difficult soccer and sports industry-related issues. We will work together to build and nurture a healthy soccer and sports ecosystem. I believe this will be a great way to give back to soccer fans around the world.”

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