By James Davis
Robinhood, a stock trading platform, revealed on Wednesday that it would delist Bitcoin SV at the end of January. In a statement, the broker warned users that after January 25, they would not be able to transfer, sell or buy Bitcoin SV.
In addition, Robinhood reported that any Bitcoin SV remaining in a user’s account after the deadline would be automatically sold, and the user would receive compensation accordingly. The broker claims that the decision to delist Bitcoin SV came following a thorough review of its crypto portfolio.
Robinhood reported that Bitcoin SV was the only digital asset subject to delisting. Therefore, it will continue offering the other eighteen tokens, including Bitcoin Cash and Bitcoin, via its Robinhood Crypto Service.
Bitcoin SV Price Reacts to Robinhood’s Delisting Announcement
The Bitcoin SV price has fallen by 12% in the past 24 hours following the announcement. At the time of publishing, the token is trading at $39.13, as per CoinGecko. This price represents a 93% drop from an all-time high of $488.76 recorded in May 2021.
Robinhood added support for Bitcoin SV in November 2018. The token is a result of a hard fork involving Bitcoin Cash. In the blockchain industry, a hard fork usually creates two cryptos out of one. Bitcoin SV differs from other Bitcoin versions because it has a bigger block size, thus reducing transaction fees.
According to data from CoinGecko, Bitcoin SV has a market cap of $750 million, making it the 54th largest crypto. However, it is far from Bitcoin Cash or Bitcoin, which have market caps of $2.1 billion and $334 billion, respectively.
Some Crypto Exchanges Delist Bitcoin SV
Currently, only a few crypto exchanges have listed Bitcoin SV. They include KuCoin, Huobi, and OKX. Meanwhile, several exchanges have chosen to delist Bitcoin SV from their platforms over the years, including OKCoin, which quit its support for the token in February 2021.
Craig Wright, a computer scientist who has claimed to be the founder of Bitcoin over time, has been a big advocate for Bitcoin SV. Recently, Wright filed a defamation case against Peter McCormack, a podcaster who accused him of being a fraud following his claims that he was the real Satoshi Nakamoto.