BitConnect (BCC), which was once one of the top 20 coins with a market capitalization of over $ 2.5 billion, was canceled from the last cryptographic exchange.
Due to the nature of the encrypted market, there is little surprise that its rapidly changing situation is quite unstable. While some new players are entering the game, some others are coming off the track. This time we have to say goodbye to a currency that was one of the top 20 with a market capitalization of over $ 2.5 billion.
We are talking about the BitConnect BCC token that is set to be removed from the last exchange of cryptocurrencies that still traded. This means that BCC will join the expanding rows of dead coins due to lack of liquidity. Although it may seem rather surprising, the currency still has a market capitalization of over 6.6 million dollars.
So far, users have had the opportunity to trade BCC on Trade Satoshi, a small, little-known cryptocurrency trading platform with a daily trading volume of around $ 1.16 million. Over 78% of its trading operations are transactions of ATC / BTC pairs.
However, Trade Satoshi has already announced his plans to remove the BCC token from his platform and added that this move will be carried out on September 10th.
recalls that BitConnect was a well known cryptocurrency loan and investment platform that had been accused of being a Ponzi scheme. The project attracted the attention of the general public and succeeded in becoming one of the hottest projects of the previous year.
A large number of investors put millions of dollars into their BCC token with the hope of achieving extremely high returns. Famous YouTube personalities and social media leaders were actively attracting their followers to support the platform for affiliate payments.
However, in January of this year, BitConnect unexpectedly closed the doors of its platform, leaving hundreds of thousands of investors from different corners of the world without anything. The platform called bad press, distributed denial of service attacks and regulatory scrutiny the main factors that led to his death.
But it was actually closed after the Texas State Securities Commissioner filed an emergency stop and desisted the order for it. The Texas securities regulator has blamed the platform for fraud and the sale of unlicensed securities.
When BitConnect was closed, its token almost immediately lost more than 90% of its value. In January, he was trading for over $ 400, which was his almost historical high. Quite quickly it fell to around $ 7. Then it managed to grow up to $ 70 but at the time of printing, as supplied by CoinMarketCap, the coin is worth $ 0.679 with a daily volume of $ 0, which does not seem to be surprising.
In this context it is worth mentioning that BitConnect is not the only example of failures on the encrypted market. According to official data, more than 800 ICO projects, which were once quite promising, are now considered dead.