Yesterday saw the value of Bytecoin spike through its new listing on cryptocurrency exchange, Binance.
In the wake of the official announcement from Binance and Bytecoin, the currency saw gains of 160% plus, forcing Bytecoin into the top fifteen currencies and suggesting that Bytecoin had a very promising week ahead.
This morning however, it looks as if Bytecoin’s lucky trajectory has hit a wall, as it stands Bytecoin is offline, due to some big issues which have developed over night.
The network is experiencing an unusually high load. Transactions can be delayed, node synchronization can lag far behind.
The team is working hard to solve these issues.
It’s strongly recommended to avoid any transferring of BCN until the situation is resolved.#BCN #Bytecoin
— Bytecoin BCN (@Bytecoin_BCN) May 8, 2018
Because of the increase in value of Bytecoin, yesterday the network experienced an extremely high transaction load, causing issues with node synchronisation which in turn has caused the team to take the currency offline. Since the tweet pictured, Bytecoin have failed to issue further updates regarding this matter, leaving many traders and investors left guessing about what will happen next with Bytecoin.
According to Binance:
“Due to Bytecoin (BCN) 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.”
What can we take from this?
Well, first of all it does seem that Bytecoin has let this Binance announcement get the better of it. As the price skyrocketed, more and more investors wanted to get on board, ultimately the Binance network couldn’t cope with such high demand, which in turn puts us in the situation we see ourselves in now.
In order to recover from this, Bytecoin really need to make sure no transactions are lost or incomplete, take to Twitter and you will see many users wanting confirmation that their transactions have worked. Moreover, some people are now starting to claim that this is all part of a Bytecoin scam, in that they have pumped the currency, closed it down and ran off with the profits.
Whilst this might just be speculation, many people are starting to feel wary about this, given that Bytecoin are still yet to make any further announcements, 12 hours later.
For now, we need to wait and see what is going to happen here, once Bytecoin trading resumes we can start to get an idea of how the value of Bytecoin has impacted from this. One thing is certain however, what looked to be a bit of a fairytale for Bytecoin, now seems to be a total nightmare.