Bytecoin Falls By 18% As Binance Announces Plans To Delist The Asset - BCN News, Price. Tuesday, October 9th
Bytecoin Falls By 18% As Binance Announces Plans To Delist The Asset
In the last 24 hours, Bytecoin has fallen by over 18%. This follows an announcement from Binance on their intention to delist the digital asset on their platform. After a stable start of the week and trading at $0.0022 all day yesterday and in the early morning hours, following the announcement, the coin dropped dramatically and in less than two hours had gone from $0.002203 to hit a new monthly low of $0.001754. Currently, the coin has a support level of $0.0017- hit that level in mid-September, and it is now retesting this level.
Why Is Bytecoin Being Delisted?
Binance periodically reviews the coins listed on its platform and its latest review did not shine a good light on Bytecoin. According to Binance, the exchange reviews the commitment of the team to project, quality and level of development activity, Network / smart contract stability, level of public communication and activity, responsiveness to our periodic due diligence, evidence of unethical/fraudulent conduct, and contribution to a healthy and sustainable crypto ecosystem. It is unclear whether the Bytecoin project failed in one or more of these review guidelines.
In addition to delisting Bytecoin, the exchange also plans to delist ICONOMI, ChatCoin, and Triggers. According to the post by Binance, trading of the four pairs will cease on 2018/10/12 at 10:00 AM (UTC).
Bytecoin Price Analysis
Looking at the chart, it is evident that the market is trying to recover from this fall. After hitting the support level, the chart shows that the prices are trying to get stable and even pushing to stay above $0.0018. Getting delisted on a popular exchange like Binance is bound to have negative short-term effects on the price. But the bulls are showing that they can shake this off and get back to better days.
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