Yesterday we reported that Bytecoin looked to have recovered from a bug, which caused the currency to fall off the map, in light of a spike in trading volume caused by a new listing for the currency on Binance.
Yesterday, Bytecoin tweeted an update which suggests that even now, almost a week later, Bytecoin is still dealing with some issues that have stemmed from this bug. If you need an update, check out our most recent article, covering this story, here- https://cryptodaily.co.uk/2018/05/bytecoin-back-climb-uncertain-weekend/
According to the Bytecoin Twitter page:
Withdrawals are working however deposits are not currently working on cryptocurrency exchange
HitBTC. Withdrawals are working, with deposits also working (albeit very slowly) on Poloniex and finally, normal service has resumed on Binance, with both withdrawals and deposits in good working order.
As Binance seemed to escalate this issue, it does of course make sense for problems within this exchange to be addressed first, with Poloniex almost there and HitBTC seemingly pushed into the stands, for now.
Moreover, this disaster for Bytecoin doesn’t seem to be calming down. Yesterday, we saw the value of Bytecoin spike, simply because things did look to be sorted, indeed, they mostly are, today however we see solid evidence that overall, this spike was short lived, for now, we must put that down to the fact that Bytecoin still haven’t fully resolved all of their issues.
At the time of writing, Bytecoin is valued at $0.010, down 8.64%. In a market that is pulsing upwards, this drop for Bytecoin is a clear sign that the damage done by the bug and the Binance overload, seems to be far worse than previously expected.
What next for Bytecoin?
The community really need to fine tune the network and get all services back online. They are nearly there of course, however many users are still experiencing difficulties, the longer this lasts, the easier they will find it to just sell up and walk away from the currency
Until all issues are resolved, we can only expect Bytecoin to remain very volatile indeed, making it a currency that could become very difficult to invest in. Hopefully, the team fix all issues soon enough, then Bytecoin could do with some downtime to allow it to rack up a bit of value away from the headlines. Either that, or we could expect to see this turbulent activity go on for some time, something I’m pretty sure a lot of investors
will want to shy away of.