Bitcoin SV (BSV), a hard fork of the Bitcoin token, attracted a lot of attention in its final days after top US exchange Coinbase announced the end of support for the asset. Following this news, the price of BSV took a huge hit, falling more than 5% in the last 24 hours.
Coinbase Ends Bitcoin SV Support
In an X post on February 3, Coinbase stated that it had officially withdrawn support for BSV from its platform. This announcement follows a previous post from last December in which the exchange first communicated its intention to delist BSV.
According to Coinbase, any BSV remaining in customer wallets was liquidated and replaced with the equivalent market value of another asset. However, the exchange states that some wallets may not receive their reward assets due to transaction costs associated with the liquidation and replacement process.
Please note that all BSV funds in your Coinbase account have been liquidated, converted to the equivalent market value of other supported digital assets, and credited back to your account, minus transaction costs.
— Coinbase Assets 🛡️📞 (@CoinbaseAssets) February 3, 2024
Currently, Coinbase has not given an official reason for its decision to remove BSV from its coin offering. However, it is worth noting that Bitcoin SV has been a somewhat controversial asset since its creation in 2018.
In particular, the BSV blockchain network has suffered several 51% attacks in the past due to its somewhat “centralized” structure, which is a concern for many exchanges. Besides Coinbase, other top exchanges that have delisted Bitcoin SV include Binance, Kraken, Bittrex, and Robinhood.
Moreover, the token’s founder, Craig Wright, has repeatedly drawn criticism against himself by claiming to be Satoshi Nakamoto, the anonymous Bitcoin inventor. In 2022, Wright filed a lawsuit seeking to acquire Bitcoin copyright and block the operation of the Bitcoin network and Bitcoin Cash, alleging intellectual property infringement. However, the court ruled that there was sufficient evidence against the plaintiff and dismissed the motion.
Bitcoin SV Price Overview
At the time of writing, BSV is trading at $72.65, down 5.61% in the last day, but up 0.10% on the weekly chart. Despite an impressive end-2023 rally of nearly 110% in the last week of the year, the Bitcoin hard fork is currently down 15.20% over the past 30 days.
Meanwhile, the token’s daily trading volume is hardly positive, increasing by 7.54% to reach a value of $90.39 million. With a total market capitalization of $1.43 billion, Bitcoin SV is the 52nd largest cryptocurrency in the world.
BSV trading at $72.03 on the daily chart| Source: BSVUSDT chart on Tradingview.com
Featured image by iStockphoto, chart by TradingView
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