On Wednesday, Robinhood said it will stop accepting Bitcoin SV and delist the cryptocurrency later this month. According to the latest Robinhood announcement, as of January 25th, the exchange will no longer support Bitcoin SV trades, purchases, or transfers. After that time, any unsold BSV in customer accounts will be sold automatically, and customers’ accounts will be credited for the proceeds. According to the update, Robinhood will stop supporting BSV on Jan. 25, 2023, adding that other digital currencies will not be affected.

According to data from CoinGecko, the price of the native Bitcoin SV blockchain token had risen over the past week as crypto began 2023 with a relief rally. On the website for the project, the third phase of the presale for the Orbeon Protocol cryptocurrency is already going on. In a matter of weeks, the current public presale phase will conclude, at which point the price is expected to increase by more than 6000%.

Bitcoin SV Drops as Robinhood Ends Support

Any Bitcoin SV in customers’ accounts after January 25 will be automatically sold. Polkadot price dropped in tandem with Bitcoin and Ethereum amidst the rising uncertainty surrounding Silvergate bank. DOT could witness a 20% crash in the short-term, in response to the tumultuous events in crypto. Cronos price sold off this Friday around the time Europe MATIC bitcoin sv robinhood began trading. Although the situation looks grim, a turnaround into the US session could happen again with Cronos price back up around $0.08 near Friday’s close.

Robinhood has received significant attention in the media in recent days, particularly in connection to the collapse of FTX. BSV is the only currency for which Robinhood’s delisting will have any effect as per reports. Its Robinhood Crypto service allows users to buy and sell 19 different tokens, including Bitcoin and Bitcoin Cash. BSV is the only coin Robinhood said will be impacted by the delisting. The platform currently offers trading on 19 different tokens through its Robinhood Crypto service, including Bitcoin and Bitcoin Cash. Bitcoin SV is a hard fork of Bitcoin Cash and was created by the infamous Craig Wright, who claims to be Satoshi Nakamoto, the founder of Bitcoin.

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The native token of the Bitcoin SV network, BSV, will no longer be supported, according to Robinhood. BSV is currently ranked 54 among all cryptocurrencies in terms of market capitalization, with a total value of $745 million. It is significantly smaller than Bitcoin or Bitcoin Cash with market capitalizations of $335 billion and $2 billion, respectively. Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Although US equities were able to trigger a turnaround and close Thursday off with a net gain, someone in Asia clearly did not get the memo. Bitcoin SV price noted a sharp drop, almost slipping to $35 from $44 before recovering to trade at $39. Coinfomania.com needs to review the security of your connection before proceeding. With the Orbeon Protocol , companies can give their communities equity-based NFTs and rewards to speed up and expand their fundraising efforts.

Why is Robinhood delisting BSV?

They can either opt to transfer BSV over to another supported wallet that handles such tokens, or they can choose to sell it off themselves and take cash instead. Users will still be able to trade their BSV up until the listing deadline without any interruption. After that point, however, any remaining BSV will be sold off based on its market price and credited to one’s Robinhood account. The app had originally added support for BSV back in late 2018, allowing buying, selling and trading the controversial Bitcoin fork backed by self-proclaimed Satoshi Craig Wright. Cryptocurrency’s legal status varies by jurisdiction and is not backed by any government.

• Originally introduced in November 2018, BSV has had a turbulent ride with numerous ups and downs.
• Additionally, any BSV held in users’ accounts will be sold at market value and the proceeds will be given to the respective users.
• Nearly all of your crypto is held in cold storage, and we never lend your coins or leverage against them.
• He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at

The controversial https://www.beaxy.com/currency, however, failed to make any significant gains during the 2021 bull market and continued to stagnate last year. It has now slipped to 52nd place on CoinMarketCap, with its value slipping to just $760 million. Given Robinhood’s previous run-ins with the SEC, it is possible that Bitcoin SV is being removed due to a desire to reduce its risk exposure to some asset types.

From its all-time high of $489.75 in April of 2021, the price has dropped by 92% to its current level. After the cutoff, any BSV in a Robinhood cryptocurrency account will be sold at market price. Bitcoin SV was first added to Robinhood’s platform in November of 2018 after a hard fork involving Bitcoin Cash created the token. Bitcoin Cash itself is the result of a hard fork with Bitcoin’s protocol. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at

• Once this step is taken, any proceeds from BSV sales will be credited to customers’ accounts.
• Coinfomania.com needs to review the security of your connection before proceeding.
• In 2018, the Toncoin blockchain was made by Telegram, the company behind the encrypted messaging network.
• The BSV price fell as the market reacted to news from online trading app Robinhood, which will remove the coin from its crypto offerings later this month.
• A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. However, if the decline continues, Bitcoin SV might end up slipping to $36.95, which acts as the critical support level for the altcoin. A daily candlestick below this level would invalidate the bullish thesis, leaving BSV vulnerable to a dip toward two-month lows of $35.45.

Nasdaq Crypto Index rose 37.2% in January – amid bullish market sentiment

A hyperlink to or positive reference to or review of a broker or exchange should not be understood to be an endorsement of that broker or exchange’s products or services. Bitcoin SV dropped from highs near $45 to lows of $37 on major crypto exchanges. The author has not received compensation for writing this article, other than from FXStreet. At the time of writing, Bitcoin SV price is hovering right above its immediate support at $38.65. If the altcoin bounces off it and leverages the broader market’s bullish cues, BSV might be able to recover its losses.

This will likely put more downward pressure on the token price, which fell 7% when the news first broke. While the number of coins Robinhood has is unconfirmed, Henslee says that he has read it’s around 170,000. According to the email, the choice was made after it regularly evaluated the cryptocurrencies it offered. It declined to comment on the selection process for specific assets and gave no explanation for why it has stopped supporting the coin. According to the email, Robinhood’s choice was made after it regularly evaluated the cryptocurrencies it offered.

Any remaining BSV in customer accounts after that will be automatically sold with users credited accordingly. The Bitcoin Satoshi Vision blockchain was created in 2018 after a hard fork from the Bitcoin Cash blockchain, which in turn was a hard fork of the original Bitcoin blockchain. Online trading app Robinhood said it will end support for BSV, the native token of the Bitcoin SV blockchain, on Jan. 25. The price of BSV opened on Jan. 11 at $44.95 but has fallen 16.97% as of press time to $37.29.

bitcoin sv robinhood took a significant dip following the announcement from Robinhood around 1 pm CET. The crypto dropped from just above $44 to a low of $37.75 in three hours. Although up a bit since, BSV is still trading below $40 and is down 11% in the past 24 hours. Robinhood said it would no longer support Bitcoin SV on its platform, causing the token to dive over 10%. Follows the developments of digital currency right from its launch, years ago.