Connect with us
Active Currencies 14791
Market Cap $2,469,545,528,576.10
Bitcoin Share 51.84%
24h Market Cap Change $-2.13

Coinbase pulls the plug on Bitcoin SV: What’s ahead?

2min Read

Coinbase’s farewell to Bitcoin SV sparks concerns, but BSV holds steady at $48.

Coinbase to pull the plug on Bitcoin SV: what lies ahead for BSV?

Share this article

  • 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. 

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%.


Is your portfolio green? Check out the BSV Profit Calculator


The chart further indicated that it has sustained its price range over the past few days.

Bitcoin SV daily price trend

Source: TradingView

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.

Share

Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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.