• Robinhood announced the delisting of Bitcoin SV on 11 January, leading to a 5% decline in the price of BSV.
• The downward trend in the price of Bitcoin SV is likely due to the prevailing market sentiment, as well as the Robinhood delisting plans.
• As of 25 January, customers can no longer trade, purchase, or otherwise deal with Bitcoin SV on the platform.
The cryptocurrency market experienced a shock on 11 January as Robinhood announced its plans to delist Bitcoin SV (BSV). This caused a 5% decline in the price of BSV, which had already been on a downward trend. The delisting of BSV led to a surge in volume, with over $77 million in transactions. This caused a spike in the volume metric, indicating a major shift in the market sentiment.
The delisting of BSV was a major surprise for the crypto community, as the token had been gaining traction and popularity in the past year. Bitcoin SV is a fork of Bitcoin Cash (BCH), and is often referred to as „Satoshi’s Vision.“ Its greater block size, which leads to lower transaction costs, sets it apart from other variants of Bitcoin (BTC).
However, despite the potential of BSV, Robinhood is now ceasing support for the token and will no longer facilitate its trade. As of 25 January, customers can no longer trade, purchase, or otherwise deal with Bitcoin SV on the platform. Consequently, all unsold BSV in client accounts will be sold and credited to their accounts automatically.
The decision by Robinhood has caused a significant shift in the market sentiment around BSV, which has been reflected in its downward trend in price. Moreover, the delisting of BSV by a major trading platform is likely to have a lasting impact on its future prospects.
It remains to be seen how the market sentiment around BSV will develop in the future, but for now, it appears that the downward trend in price is likely to continue due to the Robinhood delisting. As of today, 1 BSV is worth around $153, 10 BSVs are worth around $1530, and 100 BSVs are worth around $15,300.