Coinbase pulls the plug on Bitcoin SV: What’s ahead?
- Coinbase has announced the planned liquidation of BSV.
- BSV continued to trade in the $48 price range.
It appears that Bitcoin SV [BSV] has reached the end of its journey on Coinbase. As per a post shared on X (formerly Twitter) on the 6th of November, Coinbase has officially announced the discontinuation of support for Bitcoin SV.
According to the letter from Coinbase, this change will take effect on 9 January 2024. After the stated date, all BSV holdings will be liquidated. Furthermore, the BSV assets will be converted into supported assets on the exchange.
Coinbase finally saying goodbye to BSV 👋 pic.twitter.com/o1FxAqgy6J
— Alex Gladstein 🌋 ⚡ (@gladstein) November 6, 2023
It’s worth noting that this isn’t the first time that Coinbase has taken significant action against BSV. A few years ago, they delisted it from their platform. But Coinbase is not the only major exchange to have done so.
In 2019, Binance [BNB], one of the world’s largest exchanges, also delisted this asset. These actions were largely driven by security concerns that had arisen in the past.
Notably, the security concerns stemmed from multiple 51% attacks on the BSV network, enabling malicious actors to manipulate block validation in their favor.
How Bitcoin SV reacted
AMBCrypto’s examination of Bitcoin SV on Santiment following the recent development revealed a slight increase in volume. At the time of writing, the trading volume of Bitcoin SV stood at approximately $52 million, after surging 20% in 24 hours.
A look at the daily timeframe chart of Bitcoin SV showed that the recent development has had minimal impact on its price. At the time of writing, it was trading at around $48, reflecting a marginal decline of just over 1%.
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The chart further indicated that it has sustained its price range over the past few days.
Additionally, the Relative Strength Index (RSI) on the chart suggested the continuation of a bullish trend at press time. However, it’s worth noting that the RSI displayed indications of a downtrend, signifying a potential weakening of the bullish trend for BSV.