The leading crypto exchange in the U.S., Coinbase, announced the cessation of its support for Bitcoin SV (BSV).
On November 7, Coinbase issued an alert for its users, especially those holding Bitcoin SV, to withdraw the altcoin. However, if users fail to withdraw, Coinbase will liquidate any remaining BSV remaining in the Coinbase wallet.
Coinbase Delisted Bitcoin SV in 2021, Bidding Goodbye Officially
In 2021, Coinbase took a decision and delisted the Bitcoin SV token, after Craig Wright lost the Bitcoin Copyright. Notably, Craig Wright, who claimed himself to be the founder of Bitcoin SV lost the legal fight, following which many crypto exchanges like Binance, and Coinbase, delisted the token.
While delisting the token, Coinbase cited that BSV suffered multiple 51% attacks in 2021, where attackers gained most of the network’s hash rate, enabling them to alter the blockchain’s transaction history.
Bitcoin SV Price & Performance
However, despite the announcement, the Bitcoin SV price noted gains of 1.45% over the last 24 hours and traded at $49.73. Meanwhile, according to experts, the recent surge in the crypto’s price could be due to the positive sentiment in the broader market.
On the other hand, the trading volume of the crypto rose 22.56% to $51.69 million, and its market cap soared 1.49% to $958.73 million.
Hot Take: Coinbase Ceases Support for Bitcoin SV (BSV)
Coinbase has officially announced that it will no longer support Bitcoin SV (BSV) and has advised users holding BSV tokens to withdraw them before January 9. This decision comes after BSV suffered multiple 51% attacks in 2021, which compromised the network’s security and led to a loss of confidence among investors and traders. Despite the delisting announcement, the price of Bitcoin SV has seen a small increase in the last 24 hours. However, it is important for users to take action and withdraw their BSV tokens to avoid any potential liquidation and additional charges.
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