Home / Crypto Currency / Dead Coin Walking: BitConnect Set to Be Delisted from Last Crypto Exchange

Dead Coin Walking: BitConnect Set to Be Delisted from Last Crypto Exchange


bitconnect

Advertisement

BitConnect’s BCC token is set to be delisted from the last cryptocurrency exchange that still traded it, meaning it’s about to become a dead coin over a lack of liquidity. Surprisingly, the token still has a market cap of over $6.6 million.

TradeSatoshi, a little-known cryptocurrency exchange with a daily trading volume of about $1.16 million, over 78% of which is focused on an ATC/BTC pair, announced its move via Twitter, adding that the delisting will take place on Sept. 10.

For those out of the loop, BitConnect was a well-known cryptocurrency investing and lending platform widely believed to be a Ponzi scheme that saw investors pour in millions of dollars into its BCC token through the promise of extremely high returns.

BitConnect collapsed in January of this year after it decided to shut down its cryptocurrency exchange and investing platform citing bad press, distributed denial of service (DDoS) attacks, and regulatory scrutiny. The move came after it was hit with an emergency cease and desist from Texas’ securities regulator.

After BitConnect collapsed, its BCC token almost immediately dropped over 90% of its value. In January it dropped from a near all-time high of well over $400 to about $7. It then made a dead cat bounce to about $70, before plummeting to its current $0.67.

Disgruntled investors went after BitConnect, as it was later on hit with a class-action lawsuit brought forth by six investors whose losses were of $770,000. Later on, a second class-action lawsuit followed, with a US court later freezing all of its assets.

While BCC tokens’ 24-hour trading volume is now nonexistent, earlier this month about $10,000 worth of the cryptocurrency were being traded on the TradeSatoshi exchange on a daily basis. The volume likely plummeted because of the delisting announcement.

As more details about BitConnect came to light, CCN reported that the scheme netted over $3 billion for its founders in India before collapsing.

Featured Image from YouTube

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Advertisement
Read more

Check Also

Is Demand For Bitcoin Mining in Decline? Chip Maker Slashes Target

Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest dedicated independent chipmaker, has predicted a drop in demand from the cryptocurrency mining community in the fourth quarter this year. The growth target of 7 to 9 percent was slashed to 6.5 percent partly due to the demand dynamics of bitcoin miners. Crypto Mining Demand For TSMC Chips to Weaken Further In Q4 2018, Says CEO C. C. Wei, Chief Executive Officer and Vice Chairman of TSMC told investors at the company’s third quarter 2018 earnings conference that business growth would be offset by “continued weakness in cryptocurrency mining demand”. “Moving into fourth quarter, despite the current market uncertainties, our business will benefit from the continuous steep ramp of7-nanometer for several high-end smartphones as well as the demand for 16/12-nanometer for the launches of new-generation GPU andAI. However, this growth will be partially offset by continued weakness in cryptocurrency mining demand and inventory management byour customers.” The company forecasts growth between 5 and 7 percent for the overall semiconductor market excluding memory, while foundry is expected to grow between 6% and 7%. Weakening demand from cryptocurrency miners has forced the firm to adjust the growth estimate to 6.5 percent in U.S. dollar terms, according to the chief executive. “However, our business is also negatively impacted by further weakening of cryptocurrency mining demand. As a result, we estimate our 2018 growth rate will be about 6.5% in U.S. dollar term, which is close to the foundry industry’s growth but slightly below our 7% to 9% guidance given in the last conference.” The downshift in mining profits is the main responsible for the company’s revision of its full-year sales target, citing uncertainty in the cryptocurrency market as its reason. In April, the Taiwan Semiconductor Manufacturing Company lowered its 2018 revenue guidance to 10% growth from 10-15%, estimating that about 10% of the Asian chipmaker’s revenue depends on cryptocurrency mining demand. Moreover, the entrance of Samsung in the global cryptocurrency mining sector could be providing TSMC their first real competitor in the sector, which in turn, may eventually push the company to lower its sales targets in years to come. Samsung has started the production phase of bitcoin and cryptocurrency mining equipment and ASIC mining chips earlier this year. The company intended to manufacture GPU miners for miners targeting small cryptocurrencies in the upcoming months. President Trump’s trade tariffs, on the other hand, may hurt future trade volumes of Chinese companies producing cryptocurrency mining hardware. This may eventually benefit TSMC as competitors from the People’s Republic of China will have a hard time in the race for the U.S. market. The post Is Demand For Bitcoin Mining in Decline? Chip Maker Slashes Target appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.