Connect with us
Active Currencies 14794
Market Cap $2,467,692,571,200.00
Bitcoin Share 51.25%
24h Market Cap Change $-0.87

Bitcoin Satoshi Vision suffers downtrend as Robinhood announces delisting plans

2min Read
Bitcoin Satoshi Vision suffers downtrend as Robinhood announces delisting plans

Share this article

  • BSV saw a decline of 5% on 11 January.
  • Robinhood’s delisting plans announcement contributed to the downward price movement of BSV.

Bitcoin Satoshi Vision [BSV] has gone through what can be considered an unexpected downward trend in price recently. Investors’ assets had over 5% of their worth erased within 24 hours due to the occurrence. Is the downward trend anticipated to continue, and if so, why?


How many are 1,10,100 BSVs worth today?


Robinhood halt BSV trade, delisting on the way

Bitcoin SV’s price has been on a downward trend, as depicted by a chart with a daily time frame. It’s possible that the prevailing sentiment on the market played a role, but more investigation suggests additional elements at play.

Stock and cryptocurrency trading platform Robinhood said on 11 January that it would soon stop supporting Bitcoin SV and delist the token later in the month.

According to the latest Robinhood announcement, as of 25 January, customers can no longer trade, purchase, or otherwise deal with Bitcoin SV. After that time, all unsold BSV in client accounts will be sold and credited to their accounts automatically.

A fork of Bitcoin Cash (BCH) resulted in Bitcoin SV, often known as “Satoshi’s Vision.” Its greater block size, which leads to lower transaction costs, sets it apart from other variants of Bitcoin [BTC], such as Bitcoin Cash [BCH].

Selling pressure spikes volume metric

As per Santiment’s volume metric, on 11 January, there was a significant increase in the number of transactions. The graph below revealed that over $77 million was traded over that timeframe. This was the first time in the year that such a high number of transactions would be documented, making it particularly noteworthy.

Looking at the volume indicator on the price chart in more detail, selling pressure had been predominant in the volume of transactions. BSV’s value fell as selling pressure became more prevalent.

Bitcoin Satoshi Vision Volume

Source: Santiment


Is your portfolio green? Check out the BSV Profit Calculator


BSV declines in a daily timeframe

BSV’s daily timeframe chart revealed that the asset was currently in a bear trend due to the downturn it was experiencing. An examination of the daily timeframe chart showed that the Relative Strength Index line had deviated below the neutral area. The asset was trading at around $41.4 at the time of writing, having lost about 1%.

Bitcoin Satoshi Vision (BSV) price

Source: TradingView

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.