Price of Bitcoin SV Drops 5% as Robinhood Announces Delisting Plans
• Bitcoin Satoshi Vision (BSV) saw a decline of 5% on 11 January, likely due to Robinhood’s delisting plans announcement.
• Selling pressure spiked volume metric, as Santiment reported over $77 million was traded over this timeframe.
• Robinhood announced customers can no longer trade, purchase, or otherwise deal with Bitcoin SV as of 25 January.
The cryptocurrency market has been filled with surprises, taking investors on a rollercoaster of highs and lows. On 11 January, Bitcoin Satoshi Vision (BSV) saw a decline of 5%, with investors’ assets losing over 5% of their worth within 24 hours. This downward price movement was likely caused by the announcement of Robinhood’s delisting plans for the token.
Santiment’s volume metric revealed a significant increase in the number of transactions on 11 January. Over $77 million was traded over this timeframe, the first time in the year that such a high number of transactions would be documented. Looking at the volume indicator on the price chart in more detail, it became clear that selling pressure was the main contributor to the spike.
Bitcoin SV, often known as “Satoshi’s Vision,” was created after a fork of Bitcoin Cash (BCH). Its larger block size, leading to lower transaction costs, sets it apart from other variants of Bitcoin (BTC), such as Bitcoin Cash (BCH).
After the downward price movement of BSV, investors were left wondering if the trend will continue and if so, the reasons behind it. A few days later, the answer became apparent when Robinhood, a stock and cryptocurrency trading platform, announced that it will soon stop supporting Bitcoin SV and delist the token later in the month. The exact date of the delisting was set to 25 January, meaning customers can no longer trade, purchase, or otherwise deal with Bitcoin SV after that date. All unsold BSV in client accounts will be sold and credited to their accounts automatically.
With the delisting of Bitcoin SV, investors now have a clearer picture of the future of the token. The downward trend in the price is likely to continue, as the delisting will decrease the demand for the token and potentially cause a further decline in the price. The exact impact of the delisting is yet to be seen, but it is safe to assume that it will have a negative effect on the token’s price. As of 12 January, 1, 10, and 100 BSVs are worth $171.9, $1719, and $17190 respectively.