BSV drops after Robinhood news

  • Bitcoin SV fell from highs near $45 to lows of $37 on major cryptocurrency exchanges.
  • BSV prices fell as the market reacted to news from online trading app Robinhood. Robinhood will remove the coin from its cryptocurrency offering later this month.
  • BSV is a cryptocurrency that forked from Bitcoin Cash in 2018.

Bitcoin SV’s price fell more than 15% on Wednesday, dropping from highs near $45 to lows of $37 on major cryptocurrency exchanges.

According to CoinGecko data, the price of the native Bitcoin SV blockchain token has risen over the past week as the cryptocurrency began 2023 with a rally of relief.

But on Wednesday, Bitcoin’s fork token plunged, amid news from online trading app Robinhood.per crypto update For the platforms offered on the website, support for BSV will end on January 25, 2023 at 6:59 PM ET.

What does this mean for users?

According to Robinhood, customers can buy, sell, hold, or transfer BSV until a specified deadline. However, while this is possible until then, the trading app will sell BSV still held in Robinhood Crypto accounts at the market price, a statement warned customers.

Once this step is executed, the proceeds from the sale of BSV will be credited to the customer’s account.

Robinhood has explained the delisting of the BSV coin as a result of a regular review of the platform’s crypto assets. At the time of the announcement, the decision does not affect other coins, emphasizing that users’ crypto is safe on Robinhood.

Bitcoin SV, or then Bitcoin Satoshi Vision, forked from Bitcoin Cash (BCH) coin in 2018, was trading at around $40 at 13:02 PM ET. It has fallen more than 10% over the past 24 hours and is down more than 91% from the all-time high of $489 reached in April 2021.

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