Coinbase to Remove Bitcoinsv by Early 2024
Coinbase has revealed that it will no longer support bitcoinsv (BSV) on its platform from January 9, 2024. In an email notification to its users, the San Francisco-based company advised them to transfer their BSV holdings before the delisting date.
Withdrawal and Liquidation Process
Customers will have until January 9, 2024, to withdraw their BSV holdings from Coinbase. Following the delisting, a liquidation process will occur, where BSV will be converted to another supported digital asset at the equivalent market value, with potential tax implications for customers.
“Upon liquidation, your BSV will be converted to the then-equivalent market value of another supported digital asset and credited back to your account, minus any transaction costs.”
Bitcoinsv’s Controversies and Decline
Bitcoinsv has been marred by controversies since its inception following a split from Bitcoin Cash. It is associated with Craig Wright and has seen diminishing support from major exchanges. Security concerns have also plagued the network, including a significant mining pool dominance and network unreliability due to attacks and empty block activities.
Current Value and Market Performance
Despite a recent gain, bitcoinsv’s value has plummeted by 90% from its all-time high. On November 7, 2023, its spot market price ranged between $47.89 and $50.52 per token.
Hot Take: Coinbase Takes a Stand Against Bitcoinsv
Coinbase’s decision to remove bitcoinsv reflects growing concerns about the cryptocurrency’s security issues and declining market performance. The delisting announcement comes as a warning sign for investors and raises questions about the future of bitcoinsv in the crypto landscape.
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