What is volatility based circuit breaker?
Why am I not able to make lending deposit or transfer my lending wallet balance to BitConnect wallet?
BitConnect has implemented volatility based circuit breaker to BitConnect lending and transfer system. The volatility based circuit breaker system applies while BitConnect Coin (BCC) cross 10% level of price movement. The volatility based circuit breaker is triggered by price swings in either direction.
BitConnect shall compute the volatility based circuit breaker for 10% level on a daily basis based on the previous day's closing price of BitConnect Coin. The extent of duration of the lending and transfer function halt and re-open session is 2 hours.
The Volatility circuit breaker has implemented to combat panic on BCC Exchange and excessive volatility in BCC price- large price swings in either direction. The Volatility circuit breaker temporarily halt lending and transfer function when BCC price hit pre-defined level of 10% intraday price swings in either direction.
Bitconnect reserves the right to adjust this policy as necessary to ensure the continued operations of the Bitconnect service.