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.

Shibarium Confirms BONE as Sole Token, Sets Stage for Layer-2 Launch

• Shibarium has confirmed that BONE will remain the only token selected for use on its platform.
• As soon as this information was revealed, BONE’s price took an upward path and registered gains, becoming a top gainer as of 5 January 2023.
• The tweet also mentioned that Shibarium was created for Shibtoken, not for the benefit of other projects that could stake a claim to ownership or create speculation about its operability’s dependency on other tokens.

The Shiba Inu [SHIB] community was abuzz with excitement on 5 January 2023, as the cryptocurrency project released a new update on its Shibarium blockchain through a Twitter thread. This new update gave hope that the much-awaited launch of the layer-2 blockchain might finally be on its way.

The thread began by thanking the Shiba community for bringing such energy and excitement surrounding the upcoming phased introduction. It then went on to address a few rumors related to the tokens that would be used in the platform. Shibarium confirmed that BONE will remain the only token selected for use on its platform. No other tokens will be necessary to operate within Shibarium. This news was welcomed by the SHIB community, and it caused BONE’s price to take an upward path and register gains, becoming one of the top gainers on 5 January 2023.

The tweet also sought to dispel any speculation that Shibarium was created for the benefit of other projects that could stake a claim to ownership or create speculation about its operability’s dependency on other tokens. It clarified that Shibarium was built for the sole purpose of Shibtoken, and no other tokens would be needed for the platform to function.

This update has provided much needed clarity to the SHIB community, and it has also caused BONE’s price to surge. It is hoped that this new update will finally mark the beginning of the long-awaited launch of the Shibarium layer-2 blockchain. With the confirmation of its single token use and the promise of a successful launch, the future of Shibarium and Shiba Inu looks bright.

Crypto Winter Claims Another Victim: DCG’s HQ Digital Ceases Operations

• Digital Currency Group’s wealth management division, HQ Digital, has ceased its operations due to the ongoing crypto winter.
• The after-effects of 2022’s crypto winter have followed the Digital Currency Group into 2023, causing their portfolio companies such as Grayscale Investments Inc and Genesis Global to suffer.
• The liquidity issues induced by these market events have impacted DCG’s Genesis Global, leading to a 30% workforce reduction earlier today.

The crypto winter of 2022 has been especially harsh for the Digital Currency Group (DCG) and its portfolio. DCG, a New York-based venture capital firm, boasted of an impressive portfolio which included companies such as Grayscale Investments Inc and Genesis Global. However, the firm has been feeling the after-effects of the crypto winter, which have followed them into 2023.

The latest casualty of the crypto winter is DCG’s wealth management division, HQ Digital. The firm was launched last year and was initially described as a „re-envisioned multi-family office.“ According to a 5 January report by The Information, the firm managed nearly $3.5 billion in assets as of December 2022. However, due to the state of the broader economic environment and prolonged crypto winter presenting significant headwinds to the industry, DCG made the decision to wind down HQ.

The repercussions of the crypto winter have been felt by other parts of DCG’s portfolio as well. The liquidity issues induced by these market events have impacted DCG’s Genesis Global, leading to a 30% workforce reduction earlier today. This comes just months after a similar move was made in August 2022, when the crypto trading firm let go of 20% of its employees.

The crypto industry has been hit hard by the prolonged crypto winter, with many firms facing layoffs and closures. DCG’s HQ Digital is one of the latest casualties, and its closure serves as a reminder of how the crypto winter has been impacting the industry. Despite the difficult times, DCG has stated that they remain optimistic about the future and look forward to potentially revisiting the HQ project in the future.