- Bitcoin SV declined from highs close to $45 to lows at $37 on major crypto exchanges.
- BSV’s price dropped as the market reacts to Robinhood’s announcement that it will be removing the coin from its crypto offerings in the latter part of the month.
- BSV is a cryptocurrency derived from Bitcoin Cash in 2018.
Bitcoin SV prices fell by more than 15% on Wednesday. They traded lower from highs near $45 and hit lows at $37 on major cryptocurrency exchanges.
CoinGecko data shows that the native Bitcoin SV token has seen a rise in value over the past week since crypto’s relief rally of 2023.
However, on Wednesday, the Bitcoin token fork fell due to news from Robinhood online trading app. Per a crypto update According to the website, support for BSV will be ended on 25/01/2023 at 0659 ET.
What does all this mean for users
Robinhood said customers can still buy and sell, hold, transfer, or transfer BSV as long as the deadline is met. Customers were warned that although this is still possible, Robinhood will not sell any BSVs left in Robinhood crypto accounts until the deadline.
Once this step is taken, any proceeds from BSV sales will be credited to customers’ accounts.
Robinhood explained its delisting of the BSV coin as a result of a regular review of the platform’s crypto offerings. As of the announcement, the decision did not impact any other coins, with the statement emphasizing that users’ crypto remained safe on Robinhood.
Bitcoin SV (or Bitcoin Satoshi Vision) was trading at around $40 at 13:02 ET. It has fallen more than 10% in the last 24 hours, and is now 91% below its all-time high price of $489 in April 2021.