TradeSatoshi is a little-known cryptocurrency exchange with a daily trading volume of only $1.15 million. This otherwise unremarkable exchange recently made the news by being the last to delist the once highly popular BCC token offered by BitConnect.
This final delisting for BitConnect’s token represents the nail in the coffin for a cryptocurrency once held in high-esteem, and is one of the final stages in the long road of BitConnect from crypto darling to collapse and obscurity.
Once a Darling of the Crypto World
BitConnect was once one of the most well-known and popular cryptocurrency exchanges and investing platforms. Its BCC token was among the most highly valued and traded ICO tokens in the crypto landscape, reaching valuation highs of $400 each.
However, BitConnect was dogged from its earliest days with accusations of fraudulent behavior, a lack of oversight and being a Ponzi scheme.
These tensions came to a head in January of 2018 when BitConnect suddenly shut down its exchange and investment platform citing on-going bad press, denial-of-service attacks and greater regulatory scrutiny.
BCC’s Plunge
BitConnect’s BCC token immediately plunged from its stratospheric highs to a crushing low of $7 per token.
The BCC token then experienced a bounce toward $70 each as the fallout from the shutdown was assessed by investors, but a pair of class-action lawsuits against the company sent the token plummeting back down to a fractional $0.67 per token, from which it has never recovered.
Widespread Delisting
BCC’s massive loss in value and the reputational damage to BitConnect meant that the vast majority of cryptocurrency exchanges were quick to delist BCC and distance themselves from one of the crypto world’s biggest disappointments.
Only a few small and obscure exchanges continued to offer a platform for trading BCC, and even these would see volumes smaller than $10,000 on average.
TradeSatoshi’s final delisting of BCC represents the nail in the coffin for this crypto darling turned outcast, and investors will have no platform on which to trade BCC for those left holding the bag after the ICO token’s spectacular collapse.
The Crypto World After BitConnect and BCC
Despite the enormous and damaging fallout from the closure of BitConnect and the collapse in value of its ICO token BCC, the crypto world keeps on humming with millions in value exchanged every day and new cryptocurrencies and tokens being unveiled every week.
Crypto investors have learned to demand greater oversight from any exchanges that they use, and they are more cautious about investing in ICO tokens that promise the enormous returns that BCC did.
As the crypto world continues to expand and grow, it will continue to face failures and disappointments such as BitConnect and BCC that are the product of a rapidly expanding marketplace for a new technology.
However, as long as the right lessons are learned from failures such as BitConnect and BCC, the crypto landscape will continue to expand, and new and improved platforms and tokens will take the place of those that have fallen from grace.
