De-listing season has arrived with Binance leading the charge and other exchanges trailing behind. Bitcoin SV [BSV] has seen yet another exchange showing it the door with Shapeshift becoming the second exchange to delist the coin in less than 24 hours.
Announced via a tweet three hours after Binance confirmed their decision, CEO Erik Voorhees stated that Shapeshift will stand in solidarity with the largest exchange in the world. The April 15 tweet read:
“We stand with @binance and CZ’s sentiments. We’ve decided to delist Bitcoin SV #BSV from @ShapeShift_io within 48 hrs.”
Kraken, the American cryptocurrency exchange, is also considering following the footsteps of Binance and Shapeshift by delisting the now 14th largest cryptocurrency in the market. The exchange posted a pool on Twitter asking the community whether BSV should be delisted.
With over 60,000 responses recorded, the view of the community was quite clear. It comes as no surprise that over 70 percent want the coin to be removed because of its “toxic” nature. About 7 percent oppose the sacking, citing reasons like price discovery and their appreciation for the coin. Around 21 percent “couldn’t care less”.
No doubt the trigger for the exchange exodus is the decision taken by the largest exchange in the world, Binance. Last week, Changpeng Zhao warned BSV proponents that a delisting was imminent if the Ayre and Wright’s attacks against the community continued.
Calvin Ayre and Craig S Wright have been mounting a legal charge against everyone who was claiming that Wright was a fraud and not Satoshi Nakamoto. Following legal notices directed to Holdanaut and Peter McCormack and the constant claims of Wright being Satoshi, CZ pulled the trigger on BSV, announcing its delisting on April 15.
This multiple booting out has resulted in the coin seeing a massive freefall in its prices. Bitcoin SV has declined by over 20 percent against the dollar in the past 24 hours, falling to $57 while the collective market fell to $172 billion, at press time.
One exchange that will certainly not delist Ayre and Wright’s project is Float SV, the “Bitcoin SV based exchange” that was created a day after CZ’s threat to delist the coin. Explicitly established to thwart a possible delisting, the OKEx partnered exchange will go live on April 19.
The crypto-Twitter community was ecstatic that the Bitcoin SV project was booted out of Binance and Kraken looked to replicate the action as well. DonAlt highlighted the humor surrounding the issue:
“This is just hilarious.”
Lloyd wanted exchanges to follow suit with BCH as well:
“YESSS!!! BSV and BCASH has been the hugest attacks on Crypto ever. Delist both!!! For the crypto community!”
An account created to pay homage to holdonaut stated:
“Voluntary delisting is a form of free market punishment.”
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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