BCN's price sudden spike?

[aditya6997]

I think, asics are coming into play right now! What do you think?

[1715651136]

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[1715651136]

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[mkumar76]

price of BCN are spiked now , seriously what they did on binance is recorded in history .
no one able to deposit BCN there and price was more than 8 times of other exchanges .
many people tried to buy coin and send to binance but deposit never received .

[Rockie1234]

Let me give you a quick recap of what happened.

1) BCN got listed on Binance, and suspiciously BBR network went under maintenance.
2) This meant there was very small amounts of BCN on Binance, as no one could deposit extra BCN.
3) This meant someone could pump BCN with little volume, with peak being around $0.1-$0.2, even though on other exchanges BCN was only $0.01.
4) BCN pump crashed and now it is close to the original price.

BCN network is still down. So an elaborate pump and dump under dodgy circumstances.

[phm]

Let me give you a quick recap of what happened.

1) BCN got listed on Binance, and suspiciously BBR network went under maintenance.
2) This meant there was very small amounts of BCN on Binance, as no one could deposit extra BCN.
3) This meant someone could pump BCN with little volume, with peak being around $0.1-$0.2, even though on other exchanges BCN was only $0.01.
4) BCN pump crashed and now it is close to the original price.

BCN network is still down. So an elaborate pump and dump under dodgy circumstances.

Exactly. Speculation and infrequent situation. Much traders try to arbitrage but withdraw/deposit on Polo, for example, was "under maintenance". And that's all end!

[sud]

I was very suprised to see BCN being listed on Binance, cause I thought they are very stricct about adding coins, and only very solid projects pass their requirements. Add to this the story about 693 million BCN artificially created out of thin air thanks to CryptoNote mining bug plus stuck transactions on blockchain right after listing and you got a perfect conspiracy theory. Below I'm quoting the Cointify story still in developement.

⚡️ Current BCN (Bytecoin) Pump - One of most sophisticated and bizzare PnD in Crypto. Everything you need to know. ⚡️

Just want to shine some light on what's happening with Bytecoin (BCN), as it is one of the more sophisticated pump and dumps.

So let us first briefly tell you what happened. Earlier today BCN was trading at around 72 satoshi on both HitBTC and Poloniex, quickly increasing 30% when the news of the Binance listing came along. It opened on Binance at around 300 satoshi and over the past few hours the price has risen to 2320 satoshi on Binance, whereas the current price on HitBTC and Poloniex is at 190 satoshi. To put this into perspective, the circulating supply of BCN is 183,878,867,869 (taken from CMC), whereas the current price on Binance is 0.22$. This puts BCN on a market cap of 40 billion $; right on the third position, between Ethereum and Ripple.

We've been following it closely and found that withdrawals from HitBTC and Poloniex were not working nor was the BCN webwallet. When checking their blockchain explorer we find that no new blocks have been mined for the past 2 hours. The trading on BCN started at 06:02 UTC and since that time only 46 blocks have been mined, containing a total of 997 transactions. The number of transactions that went through seems very small for a coin that just went up over 32x in a few hours. Thus most investors are not actually able to sell their BCN on Binance. This still caused a 150%+ surge on exchanges such as HitBTC and Poloniex.

Not saying that the Bytecoin team is involved, but it seems very shady that their coin got listed at a time that (nearly) no one is able to move the token towards Binance. More importantly we think it's curious that Binance still listed a coin that is (nearly) impossible to move around and thus easy to manipulate.
Not only by listing BCN, but also by keeping trading enabled while there's such a huge price discrepancy between different exchanges, while there's no ability to arbitrage it. We've seen the same kind of pumps happening before on coins that couldn't be moved around, for example Bitcoin Diamond.

Of course, these things happen in unregulated markets. However we think that Binance should take a stance and lead by example on this, as these kind of events hurt the reputation of the crypto markets. Especially the regular joe will get burned trading a coin like this.

This story is still in development and we will keep you updated on the same.

[bubidan.id]

Let me give you a quick recap of what happened.

1) BCN got listed on Binance, and suspiciously BBR network went under maintenance.
2) This meant there was very small amounts of BCN on Binance, as no one could deposit extra BCN.
3) This meant someone could pump BCN with little volume, with peak being around $0.1-$0.2, even though on other exchanges BCN was only $0.01.
4) BCN pump crashed and now it is close to the original price.

BCN network is still down. So an elaborate pump and dump under dodgy circumstances.

Exactly. Speculation and infrequent situation. Much traders try to arbitrage but withdraw/deposit on Polo, for example, was "under maintenance". And that's all end!

Just Pump and dump on binance right? manipulated value, and making a panic buy and arbitrage. My friends fooled by this tragedy.

[Dasha88fed]

It seems to me that Bitmine did the same with Fork Bitcoin Cash, when its price rose from $300 to $1500 for a few days. They wanted to raise its price in various ways to attract new buyers of ASIC s9. I believe that you need to be careful with those coins that someone is trying to manipulate.

[bitChipper]

I don't understand why they decided to list it in the first place? It didn't have a ton of volume and I hadn't heard anything about it news wise...

But heavens sake....may as well call this the "binance effect"...if there was any incentive to get listed before, there is now for sure! Literally every coin community will be begging their devs to get them listed on binance.

I do think its shady though, I would bet there are some back doors for people that are in the "IN" with crypto....

[pedropendukot]

Purely PND and manipulations which these major exchanges has cooked for those new investors,most of the those who got FOMO were rekt by this manipulation and those who managed this PND surely has some good exit from this shitcoin,theres nothing special to this coin because the developers were inactive already.

[ulia93]

Do you mean launching those ASIC's from Bitmine that support the mining algorithm on the CryptoNight algorithm? It is unlikely that the price increase was associated with this, because with the launch of asics, the price of Monero did not increase as much as the Bytecoin price has now increased. But I think that asics manufacturers can specifically raise the price of Bytecoin in various ways to draw attention to their products. 

[skyline247]

If you see a sudden price spike in any coin, especially when the rest of the market is in a bearish state then you should know that the coins is being pumped by someone somewhere, so just as you have seen the pump, you should start expecting the dump that is coming with it. This is how whales make money, at the expense of other investors that are out there.

[OLX]

That's an interesting theory and you might just be right. We saw the same kind of price action when ASIC mining was introduced into other majors such as DASH.