• Robinhood will delist Bitcoin SV (BSV) and sell any BSV held on the platform after the deadline at market value.
• The change comes as a part of Robinhood’s routine review of its crypto products, meaning BSV will continue to be tradeable on the app until the deadline.
• The price of BSV opened on Jan. 11 at $44.95 but has fallen 16.97% as of press time to $37.29.
Robinhood, the popular stock and crypto trading app, recently announced that it will be delisting Craig Wright’s Bitcoin SV (BSV) on Jan. 25. The move is part of their routine review of its crypto products, so BSV will remain tradeable on the app until the deadline. After that, any BSV held on the platform by customers will be „sold at market value and credited to their Robinhood buying power.”
The Robinhood spokesperson further noted that investors residing in Hawaii, Nevada, and New York have limited capabilities to trade BSV. They added that “we have a rigorous framework in place to help us regularly review the crypto we offer… No other coins are affected by this change and all of our customers‘ crypto remains safe on Robinhood. We are extremely selective about the assets we offer…“
At the time of writing, the price of BSV opened on Jan. 11 at $44.95 but has fallen 16.97% to $37.29. Bitcoin is also experiencing a ‚red day‘ with the flagship crypto dropping 0.91%. However, the price decline for Bitcoin is still well above the $17,000 mark as the retracement failed to mirror the losses of BSV.
Bitcoin SV is a hard fork of Bitcoin Cash (BCH), created in November 2018 following a disagreement between BCH developers over the network’s future. Craig Wright, the Australian entrepreneur who claims to be Satoshi Nakamoto, created the hard fork and has become the figurehead for the project.
The decision by Robinhood is the latest development in a string of delistings for BSV. Major crypto exchanges, such as Binance and Kraken, have also delisted the asset since April of 2020. Last May, ShapeShift also removed the asset, citing its “controversial history and associations with malicious activity.“
Regardless, the delisting of BSV is sure to raise questions in the crypto community, namely if other crypto assets will be next on the chopping block. For now, it looks like only Robinhood’s customers will have to make any changes to their holdings.Categories: Blog