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