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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 The bug entered the system as 25% of the miners were using the outdated software for mining the coin due to an unexpected growth of users.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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