- As of January 25th, the exchange will no longer support Bitcoin SV.
- Any unsold BSV in customer accounts will be sold automatically.
On Wednesday, Robinhood said it will stop accepting Bitcoin SV (BSV) and delist the cryptocurrency later this month. According to the latest Robinhood announcement, as of January 25th, the exchange will no longer support Bitcoin SV trades, purchases, or transfers. After that time, any unsold BSV in customer accounts will be sold automatically, and customers’ accounts will be credited for the proceeds.
The company stated:
“We have a rigorous framework in place to help us regularly review the crypto we offer on Robinhood. While we do not discuss the process for assets on an individual basis, based on our latest review, we’ve decided to end support for Bitcoin SV.”
BSV is the only currency for which Robinhood’s delisting will have any effect as per reports. Its Robinhood Crypto service allows users to buy and sell 19 different tokens, including Bitcoin and Bitcoin Cash.
BSV Price Plummets
On Wednesday, the value of BSV plummeted. The price dropped more than 10%, bringing it down to $39.11 as per CMC, and is now trading at $41.92. From its all-time high of $489.75 in April of 2021, the price has dropped by 92% to its current level.
After Bitcoin Cash’s hard fork in November 2018, Bitcoin SV was immediately added to Robinhood’s exchange. Bitcoin Cash originated as a direct consequence of a protocol hard fork in the Bitcoin protocol.
When a token undergoes modifications through software upgrades that render it incompatible with earlier versions, creating two independent branches, this is known as a hard fork.
Bitcoin SV, also known as “Satoshi’s Vision,” stands out from other Bitcoin variants, such as Bitcoin Cash, thanks to its increased block size and thus lower transaction fees.
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