US-based cryptocurrency exchange Robinhood reported that it has made a delisting decision for a well-established altcoin in a new announcement today. The impact of the news was devastating on the altcoin.
Robinhood has decided to terminate transactions for this altcoin
The crypto exchange reported in an email to its users today that it has decided to delist Bitcoin SV (BSV) based on its latest listing reviews. Bitcoin SV (Satoshi’s Vision) occurred as a result of the hard fork dated November 15, 2018 that split Bitcoin Cash into two separate cryptocurrencies. Robinhood announces in the official announcement that it will end its BSV token operations from January 25, 2023:
We regularly review the cryptocurrencies we offer at Robinhood. Based on our most recent review, we have decided to end support for Bitcoin SV (BSV) starting January 25, 2023. You can continue to buy, sell, send, and hold BSV until the deadline.
After the deadline, any BSV still in your Robinhood account will be sold at market value. The income will be invested in your Robinhood purchasing power. If you don’t want your BSV to be sold automatically, your options are:
- You can sell your BSV for cash
- You can transfer your BSV to a wallet or any other platform that supports BSV.
Whichever option you choose, make sure you take action before January 25, 2023.
Bitcoin SV (BSV) price tumbled by over 10% shortly after the announcement. Roughly, the daily peak fell from $44.96 to $39.49. Bitcoin SV claims to stay true to Satoshi Nakamoto’s original vision of Bitcoin, using the original Bitcoin article as the project’s core document. After leaving Bitcoin Cash as a hard fork on November 15, 2018, it became a permanent name among the top 50 by market capitalization.
Bitcoin SV currently continues to be traded on XT.COM, OKX, CoinW, Bybit and other centralized exchanges.
Why did Robinhood make such a decision?
The latest delist decision comes just months after Robinhood significantly expanded its list of available cryptocurrencies. As we quoted as Kriptokoin.com, the stock market started Cardano (ADA) transactions in September. Previously introduced lists include Shiba Inu (SHIB), Polygon (MATIC), Solana (SOL), Compound (COMP), and Chainlink (LINK). Also, Robinhood has recently enabled MATIC deposits and withdrawals on said Polygon network to provide lower fees and better speed.
First introduced in November 2018, BSV has had a turbulent journey with lots of ups and downs. But the controversial cryptocurrency failed to make any significant gains in the 2021 bull market and continued to stagnate over the past year. Its value has dropped to just $760 million, dropping to #52 on CoinMarketCap. Robinhood says it made a delisting decision “based on our most recent review,” citing a rationale we’ve seen on most exchanges.
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