Exchange closed, BCC down 91%
BitConnect, for a long time accused of perpetrating a Ponzi scheme, has finally ceased its operations. The company has closed its lending platform and cryptocurrency exchange citing the most recent legal troubles and “bad press”. BitConnect has received cease and desist orders from both Texan and North Carolina officials. Members of the crypto community, including Vitalik Buterin, have expressed their concerns in the company long before the incident.
“In short, we are closing lending service and exchange service while BitConnect.co website will operate for wallet service, news and educational purposes,” says the official statement. Company officials might have other reasons for a suchlike decision
A multi-level referral system with “guaranteed 40% profitability” and the company’s inability to pay off its debt may very well be the real motivation behind the closure. This information, however, is not yet confirmed. The promise of high risk-free returns is a perfect indication of a scam.
BitConnect Coin (BCC) has lost 91% of its value in under 24 hours and is now traded at around $23, down from all-time high of $496, observed in December 2017. Company officials have nonetheless stated that the ongoing BitConnect X ICO will continue.
With just another huge project losing what was left of its credibility, the future of the cryptocurrency industry remains hazy. The cryptocurrency market has lost over $313 billion over the course of only ten days, contracting 37%.
Price has been dropping like crazy! Is the crypto market crashing today or is it just a market dip? While we are not quite in a cryptocurrency market crash today the crypto market is in a correction. Here are the top crypto investments that always perform well and make huge gains in a cryptocurrency bear market.
I go through the 2017 and 2018 data and show you why these are the best performing coins to invest in on the cryptocurrency market for 2017 and 2018
Guys the Cryptocurrency veterans have insisted that I put out the word here that this market correction is an annual event with the Lunar New Year in China. Every year around this time there is a cryptocurrency sell off where our Asian bros take profit to travel and celebrate the holiday. If you can hang tight until February based on historical data, there should be a recovery and another run.