- Coinbase has announced the planned liquidation of BSV.
- BSV continued to trade in the $48 price range.
It appears that Bitcoin SV [BSV] has reached the end of its journey on Coinbase. According to a post shared on X (formerly Twitter) on November 6, Coinbase has officially announced the end of support for Bitcoin SV.
According to Coinbase’s letter, this change will take effect on January 9, 2024. After the mentioned date, all BSV holdings will be liquidated. In addition, the BSV assets on the exchange will be converted into supported assets.
Coinbase finally says goodbye to BSV 👋 pic.twitter.com/o1FxAqgy6J
— Alex Gladstein 🌋 ⚡ (@gladstein) November 6, 2023
It’s worth noting that this isn’t the first time Coinbase has taken significant action against BSV. A few years ago they removed it from their platform. But Coinbase isn’t the only major exchange to have done this.
In 2019, Binance [BNB], one of the largest exchanges in the world, has also delisted this asset. These actions were largely motivated by security concerns that had arisen in the past.
The security concerns mainly stemmed from multiple 51% attacks on the BSV network, which allowed malicious actors to manipulate block validation to their advantage.
How Bitcoin SV responded
AMBCrypto’s investigation of Bitcoin SV on Santiment following the recent development revealed a slight increase in volume. At the time of writing, Bitcoin SV’s trading volume was around $52 million, after rising 20% in 24 hours.
A look at Bitcoin SV’s daily timeframe chart showed that the recent development has had minimal impact on the price. At the time of writing, the stock was trading around $48, reflecting a marginal decline of just over 1%.
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The chart further indicated that it has maintained its price range over the past few days.
Source: TradingView
Furthermore, the Relative Strength Index (RSI) on the chart at the time of writing suggested a continuation of a bullish trend. However, it is worth noting that the RSI showed evidence of a downtrend, which meant a possible weakening of the bullish trend for BSV.