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Bitcoin SV (BSV), a hardfork of the Bitcoin token, has drawn much attention in the last day after top American exchange Coinbase announced its termination of support for the asset. Following this news, BSV’s price has taken a hit, falling by over 5% in the last 24 hours.
Coinbase Ends Support For Bitcoin SV
In an X post on February 3, Coinbase shared that it had officially withdrawn support for BSV on its platform. This announcement follows a previous post in December when the exchange first communicated its intentions to delist BSV.
According to Coinbase, all BSV remaining in customers’ wallets have been liquidated and replaced with the equivalent market value of another asset. However, the exchange states that certain wallets may not receive any compensation assets due to the transaction costs associated with the liquidation and replacement process.
As a reminder, any BSV funds in your Coinbase account have been liquidated and converted to the equivalent market value of another supported digital asset and credited back to your account, minus any transaction costs.
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) February 3, 2024
As of now, Coinbase has provided no official reason behind its decision to remove BSV from its coin offerings. However, it is worth noting that Bitcoin SV has been a rather controversial asset since its creation in 2018.
Notably, the BSV blockchain network has been subject to multiple 51% attacks in the past due to its rather “centralized” structure, which serves as a source of concern to many exchanges. Aside from Coinbase, other top exchanges that have delisted Bitcoin SV include Binance, Kraken, Bittrex, Robinhood, etc.
Furthermore, the token’s founder Craig Wright has continuously drawn criticism to himself for claiming to be the anonymous inventor of Bitcoin – Satoshi Nakamoto. In 2022, Wright filed to obtain the Bitcoin copyright and block the operations of the Bitcoin network and Bitcoin Cash claiming a violation of intellectual property. However, the court rejected this petition in the face of surmountable evidence against the plaintiff.
Bitcoin SV Price Overview
At the time of writing, BSV trades at $72.65 with a 5.61% price loss on the last day but a 0.10% gain on the weekly chart. Despite an impressive end to 2023 in which it gained by almost 110% in the last week of the year, the Bitcoin hardfork is now down by 15.20% in the last 30 days.
Meanwhile, the token’s daily trading volume is barely positive, having gained by 7.54% to attain a value of $90.39 million. With a total market cap of $1.43 billion, Bitcoin SV ranks as the 52nd largest cryptocurrency in the world.
Featured image from iStockphoto, chart from TradingView
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