Due to the nature of the crypto market, there is little surprise that its rapidly changing situation is quite unstable. While some new players are entering the game, some others are getting off the track. This time we need to say goodbye to a coin that used to be one of the top 20 having a market cap of over $2.5 Billion.
We are speaking about BitConnect’s BCC token that is set to be delisted from the last cryptocurrency exchange that still traded it. It means that BCC is to join the expanding rows of dead coins due to a lack of liquidity. Though it may seem rather surprising, the coin still has a rather impressive market cap of more than $6.6 million.
Until now, users have had an opportunity to trade BCC on Trade Satoshi, a little-known tiny cryptocurrency exchange platform that has a daily trading volume of about $1.16 million. Over 78% of its trading operations is ATC/BTC pair transactions.
Nevertheless, Trade Satoshi has already announced its plans to delist BCC token from its platform and added that this move will be realized on September 10.
Let us remind, that BitConnect was a well-known cryptocurrency lending and investing platform that was accused of being a Ponzi scheme. The project attracted great public’s attention and managed to become one of the hottest projects of the previous year.
A great number of investors put millions of dollars into its BCC token with a hope to get extremely high returns. Well-known Youtube personalities and social media leaders were actively attracting their followers to support the platform with a view to gain affiliate payouts.
Nevertheless, in January this year, BitConnect unexpectedly closed the doors of its platform, leaving hundreds of thousands of investors from different corners of the world with nothing. The platform named bad press, distributed denial of service attacks, and regulatory scrutiny the key influencing factors that led to its death.
But in reality it was shut down after the Securities Commissioner of the state of Texas had filed an emergency cease and desist order for it. Texas’ securities regulator accused the platform of fraud and unlicensed securities selling.
When BitConnect was closed, its token almost immediately lost more than 90% of its value. In January, it was traded for over $400 which was its near all-time high. Quite quickly it dropped to about $7. Then it managed to grow up to $70 but at the press time, as it is provided by CoinMarketCap, the coin is worth $0.679 with a daily volume of $0, which doesn’t seem to be surprising.
In this context it’s worth mentioning, that BitConnect is not the only example of failures on the crypto market. According to the official data, more than 800 ICO projects that once used to be rather promising are considered to be dead now.