Introduction
On October 3rd, 2017, many of the active participants in the crypto community saw the news of the removal of four coins from Bittrex.
https://support.bittrex.com/hc/en-us/articles/115001862851-Pending-Market-Removals-10-13-2017
The list includes BTS, BTA, DAR, DRACO.
News led to panic selling before removal on October 13th. Speed to a market collapse was also added by the sharp growth of a rate of bitcoin
On this chart you see how BTS fell in price (more than twice). DAR, BTA and DRACO fell in price even stronger.
Delisting..
I've already seen how "delisting" can happen on Bittrex.
Everything could be seen with the example of XST and UNB coins being "removed"
In early July 2017, a warning appeared that XST and UNB would be removed from Bittrex on July 14th.
After that the price fell several times. But.. on the 14th of July the trading still continued, although the notification about the removal remained.
At some point, the notification about the delisting simply disappeared, and the coins remained at market.
Here are charts of XST and UNB at that time
I did not find any intelligible information about the cancelling of the delisting. Bittrex does not often explain the reasons for his actions.
For me it was like the simplest price speculation.
After the delisting notification dissapeared price have jumped more than in 10 times.
Traders understand why this is happening.
At the time of rapid growth, a large number of coins have been transferred to other exchanges, or already bought out by "smart" money from panic-stricken. Order book is empty for asks.
My "cunning" plan
Right after the news about the removal of BTS, BTA, DAR, DRACO, I began to watch the charts and news on the coins being deleted (I'm engaged in trading).
I went into all the chat rooms of projects, subscribed to Reddit and began to monitor the situation on Steemit and Golos.
On October 13, I, with a very high risk, bought an impressive amount of BTS and a certain amount of BTA, DAR and DRACO, because I expected exactly the same speculation as with UNB / XST
After October 13, the trade actually continued, however, around 14:00 UTC on October 14, the BTA, DAR and DRACO markets were stopped.
True reasons
The reasons for the removal of BTA, DAR, DRACO, BTS were not accurately known until October 15th.
There were different rumors, but without official and accurate information, so you can only guess.
The funniest rumor I've ever heard about BTS:
Bittrex decided to delist BTS because they believe it takes 64 GB of ram to run a BTS node
The real reason for the removal was that coins may be subject to SEC sanctions.
Only after Bittrex stopped market, on October 15, there appears was some information, including an official statement from the BTA team
Official statement about the delisting
From the report of the BTA team: Bittrex placed too complex conditions for the team, that would prove that their tokens do not contradict SEC requirements
Now, as you can see, DAR, BTA and DRACO have been finally removed from Bittrex.
Immediately after stopping the markets I closed my positions (I was lucky and closed the positions with income).
- BTS at that time jumped well (900 => 1300)
- BTA managed to sell on Cryptopia exchange higher than the purchase price
- DAR sold at a purchase price on Waves DEX
It remains only DRACO, I could not sell them without loss and transferred for swap to the site of the new project https://cne.drachmae.market
Epilogue
However... you can still see BTS on the exchange.
The market is stopped, but not removed.
Apparently, the Bitshares team has more funds and connections than other projects with delisted coins and they are still negotiating with Bittrex and the SEC.
Recently there was this news. It confirmed my expectations. Now I'm finally wait that Bitshares trading will be enabled on Bittrex again
Bitshares spokesperson in contact with bittrex inc
Since then, I'm waiting for the outcome of this story and are ready to buy BTS "all-in" at the right time.
In my understanding:
- If the BTS is left on Bittrex, it means that the Bitshares team has proved to the SEC that their tokens do not fall under prohibitions. And the value on the stock exchange will grow lightning fast.
- If BTS will be deleted Bittrex - means, soon, most likely, the coin will be removed and with Poloniex
Hint
While I was watching this situation - I wrote a program by myself that watches BTS on Bittrex and notifies me, in the following cases:
- The fact of the first trade in markets BTC-BTS and ETH-BTS.
- Fact of removal of the market.
And I'm ready to share this feature, for this I created a channel in Telegram, which will send alerts at the events described above.
You can freely connect to the channel. If the above events are detected, the alerts will be sent to it many times.
Until the decoupling with "removal" you can be sure that there will be no spam messages in the channel.
So you can safely turn on the sound without being afraid of false messages
https://t.me/MyntCustomChannel
Thanks for reading!