Home / Crypto Currency / Bytecoin Price Drops by 25% as Binance Announces Delisting

Bytecoin Price Drops by 25% as Binance Announces Delisting

Now that all of the top cryptocurrencies are going in the red, it will be interesting to see how the altcoin markets respond. So far, there is a sea of red to content with, and Bytecoin is getting hammered all across the board. That is not completely surprising, as the cryptocurrency community has always been divided as far as this project is concerned.

Bytecoin Price Loses Significant Value

These are not fun times to be a Bytecoin holder, by the look of things. An ongoing battering across the market has become apparent over the past few hours. Although steep downtrends are nothing new in this volatile industry, it seems a lot of people are panicking to sell their BCN before they lose access to one of the biggest liquidity sources.

To put this in perspective, Bytecoin has lost 25% in value in both the USD and BTC department. This is despite a healthy trading volume of $10.7m, even though it is rather clear holders are dumping their coins on Binance right now. iI seems most of them are intent on doing so prior to the exchange delisting this currency, alongside a few other assets which are not in the company’s best interest.

Binance, the world’s largest cryptocurrency exchange by overall trading volume, has confirmed it will remove BCN from its platform. Other coins to be delisted include Iconomy, Triggers, and ChatCoin. For BCN, this has an immediate impact on the Bytecoin price. It is the catalyst for this ongoing market onslaught, and the real panic selling might not have kicked in just yet either.

At the same time, the removal from Binance will prove how strong the BCN community really is. Those who only care about the Bytecoin price for quick profits will be sorely disappointed, whereas the rest will try to come out stronger because of this setback. It will be a very interesting time for this particular altcoin, although the future remains rather unclear.

There are also those who tend to gloat when things go awry for Bytecoin. The tweet below can be interpreted as such, albeit it also highlights an inherent problem in the cryptocurrency world. A lot of people see the lower Bytecoin price and try to stock up on this altcoin to sell it for a profit on Binance. It seems unlikely they will do so prior to the delisting going into effect.

It will be interesting to see if the Bytecoin price can bounce back after this debacle is over. Binance represents 62% of the current BCN trading volume. Losing that market can cripple the altcoin permanently, as it would mean either Poloniex or HitBTC will become its biggest trading platform. A very worrisome situation, although adversity is a part of the cryptocurrency lifestyle at all times.

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A hacker who filmed himself accessing Apple iCloud accounts has appeared in a U.K. court. Kerem Albayrak had demanded around $175,000 in ransom be paid in Bitcoin and Apple iTunes vouchers for the non-disclosure of sensitive user data. Apple Hacker Charged in Connection with Bitcoin Blackmail An IT analyst from north London has been charged with one count of blackmail and two counts of unauthorised acts intending to hinder access to a computer. Albayrak appeared at Westminster Magistrates’ court where he was granted unconditional bail until his case is heard at Southwark Crown Court on November 14. According to a report in the U.K.’s Daily Mail, Albayrak had recorded himself hacking into iCloud accounts and posted the footage on YouTube. He then contacted Apple and demanded $170,000 to be paid in Bitcoin and iTunes vouchers. He warned the global tech giant that he would disclose the personal details taken from the 319 million users’ accounts he had gained access to if they did not meet his demands. During court proceedings today, it was revealed that Albayrak initially requested around $75,000 before upping his demands to double that figure. He finally settled on $174,000 in Bitcoin and around $1,000 worth of iTunes vouchers. The prosecution’s legal representative, Lorna Vincent, stated: “Mr Karem Albayrak is accused of sending emails to Apple making financial demands for downloading database iCloud accounts and factory resetting those iCloud accounts… He entered into the accounts of the alleged victims and posted a video of his hack onto YouTube.” Albayrak is far from the first to make such ransom demands on big companies. His efforts are reminiscent of last year’s WannaCry ransomware attack. Based on the same principle of blackmailing firms with threats of releasing sensitive data, the malware attack infected hundreds of thousands of computers across the globe. The hacker behind it was able to evade authorities for over a year, but was arrested last month. In a number of decidedly more analogue attacks, people replaced data as the cornerstone upon which to leverage Bitcoin blackmails. In July of this year, a businessman from Cape Town was kidnapped and a demand of 50 BTC was made for his safe return. Liyaqat Parker was returned to his family in September. It is unknown if the ransom was met. Likewise, in Ukraine last December, a crypto-analyst from the EXMO exchange platform was also kidnapped. Once again, those responsible demanded Bitcoin for his safe return. In this example, the demands were met and Pavel Lerner was returned just days later. Fortunately, authorities were able to track Albayrak down before any harm could be done with the data he reportedly managed to access. This is hardly surprising, given how amateurish the young hacker went about coordinating his attack. Featured image from Shutterstock. The post iCloud Hacker Demanded $175,000 Ransom to be Paid in Bitcoin appeared first on NewsBTC.

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