Yesterday we covered a story about Bytecoin, a currency that saw an incredible turn of events in the wake of a new listing on Binance. From the outset, the listing caused the currency to spike, moving upwards with gains of over 160%.
Check out the initial article here- https://cryptodaily.co.uk/2018/05/bytecoin-update-binance-blessing-caused-real-damage/
Just to fully update you all, since the listing on Binance, Bytecoin seems to have been taken offline, a tweet from the Bytecoin team soon confirmed that this was down to the network essentially not being able to handle the volume of transactions taking place.
This led to speculation about the whole thing just being an elaborate scam, with many traders left unsure about what might happen next with their transactions, people started to fear that their assets had really been stolen.
After a day of uncertainty, Bytecoin have finally released an official statement, here’s what they had to say:
“Yesterday one of Bytecoin’s biggest milestones was achieved when one of the biggest exchanges – Binance announced they will be listing Bytecoin. Unfortunately this was the cause for an explosive amount of user growth and mining activity. Due to the large amount of miners who were using the old software a bug appeared in the network consensus. That bug was the cause of the network’s instability. We remained in silence until the moment we clearly understand the root of the problem because we want to be able to provide you with certain solutions, updates, and deadlines. Currently, the entire Bytecoin development team is working hard to solve this issue asap. All of the problems have been identified and most of them have already been fixed.”
— Bytecoin BCN (@Bytecoin_BCN) May 9, 2018
Okay, so it does seem that this really is down to a total overload on the Bytecoin network, amplified by a bug found in some old software. As it stands, Bytecoin are still unsure of the full scale of this but do at least seem to be making tracks towards resolving the problem.
How has this affected Bytecoin?
There is still an issue retrieving Bytecoin data from coinmarketcap.com, however the Bytecoin team have tweeted, stating that full and accurate data is available on coingecko.com.
At the time of writing, Bytecoin is valued at $0.0118, down 27% with a market capitalisation of $2,176,263,301.00. This is indeed a stark contrast to the peak value of $0.122, as recorded by Bytecoin as a result of the spike from the Binance listing.
Overall, what could have been an incredible boost for the currency, has turned into what looks like a bit of a nightmare. Many people are still unsure about the state of their assets and the damage that this has caused. Please don’t panic, it does seem that the Bytecoin team are working round the clock to rectify this issue. As a result, we expect further word from them over the coming days.
Keep an eye on Crypto Daily for Bytecoin news, hopefully things may be settling back down now, for now, hold on and let’s see what comes of this.