Bytecoin [BCN] yesterday wrote a history of 166% increase in a few hours after being listed on top stock exchanges like Binance and Poloniex . The coin has no withdrawals or deposits in the last 20 hours , and the coin is completely frozen. Many investors have lost thousands of dollars of money due to this mistake and have filed a complaint with the stock exchange on FOMO (Fear of Missing Opportunity in Buying) and FUD (Concerned, Uncertainty).
There are a lot of rumors going around that why it does not appear on any platform. While some people believe that coin is a fraud, some people think that the BCN market has been listed on Binance after the Coin, and that it has come to an end in life.
According to CoinMarketCap , Bytecoin dropped to the level of 1594 , while it was in the 15th place yesterday. The site does not have any information about current price, market value or total value.
According to CoinMarketCap, Binance has the largest trading volume compared to Bitcoin [BTC] . Today’s current value is around $ 567 million . Nonetheless, the BCN on the Binance platform is on the list with the highest rate of decrease by more than 86% .
The Bytecoin team has posted an explanation about this unexpected situation via their internet sites and Twitter addresses. The investors tried to reach the developer team but did not receive any response.
On the official Twitter page of Binance said;
“Due to Bytecoin network issues, deposits and withdrawals are experiencing severe delays. The Bytecoin project team is working to resolve the issue. Please be cautious of high price volatility and trade with caution.”
Bytecoin’s official Twitter account states:
“The network is experiencing unusual high load. Transaction can be delayed, node synchronization can lag far behind. The team is working hard to solve this issue. It’s strongly recommended to avoid any transferring of BCN until the situation is resolved.”