In an official blog post, Bitconnect has announced several updates to its platform. These updates are mostly negative, and it comes as a shocker to investors.
First, Bitconnect is closing its lending platform. It is through this many have made hundreds and thousands of dollars. Now this is no longer available.
Second, Bitconnect is closings it exchange platform. In fact, in the next 5 days, the exchange platform will no longer be available (perhaps the last date is January 22th). As per Coindesk, it was because of the “cease-and-desist letters issued from regulators in Texas and North Carolina.”
Third, Bitconnect is hacked frequently. In fact, today when I tried to access the Bitconnect.co website, I received “site can’t be reached” error. Many found 404 / 502 bad gateway errors. Perhaps because Bitconnect was under DDoS attack.
Worst Of All: Bitconnect Investors Are Panicking
Because of these updates, the Bitconnect token ($BCC) is taking a hit. It has fallen from $400 to $30 and continues to swing lower. In fact, at the time of writing this article, BCC is priced at $15.
Due to the lack of solid reasons to hold onto Bitconnect, we are observing such panic sells. It is unfortunate to see cryptocurrencies bleed so quickly — to see investors lose out on their investments.
Future of Bitconnect is uncertain. Yet they are determined to re-create their presence and build a community. How well will it fare? We will know with time!