Robinhood to Delist Bitcoin SV, Market Sell Remaining User Balances

bitcoin sv robinhood

However, if the decline continues, Bitcoin SV might end up slipping to $36.95, which acts as the critical support level for the altcoin. A daily candlestick below this level would invalidate the bullish thesis, leaving BSV vulnerable to a dip toward two-month lows of $35.45. Robinhood stated its latest review as the reason behind the delisting. Bitcoin SV may feel further price impact on Jan. 25 should a large amount of BSV be left on the platform after the deadline. CFDs and other derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage.

bitcoin sv robinhood

Bitcoin is also experiencing a ‘red day’ with the flagship crypto dropping 0.91%. However, the price decline for Bitcoin is still well above the $17,000 mark as the retracement failed to mirror the losses of BSV. BSV is the native token of the Bitcoin Satoshi Vision blockchain which was launched in 2018 GALA following a hard fork from theBitcoin Cash blockchain. Bitcoin Cash is itself a hard fork of the original Bitcoin blockchain.

BSV declines in a daily timeframe

Between now and January 25, users hold and sell BSV but after the deadline, the platform will not support Bitcoin SV trades, purchases, or transfers. Additionally, any BSV held in users’ accounts will be sold at market value and the proceeds will be given to the respective users. Robinhood’s decision was based on its regular review of cryptocurrencies offered, the email said. It didn’t specify the reason why it ended support for the token and declined to comment on the decision process for individual assets. The crypto market is known to be highly volatile, predicting future price points of Bitcoin SV is a difficult task and many other factors influence the price. As a result, the predictions on our website should not be taken as financial advice and you should do your own research.

bitcoin sv robinhood

Bitcoin Cash itself is the result of a hard fork with Bitcoin’s protocol. Stock trading app Robinhood warned Wednesday it would soon end support for Bitcoin SV , with plans to delist the coin later this month. Online trading app Robinhood said it will end support for BSV, the native token of the Bitcoin SV blockchain, on Jan. 25. On January 25, Robinhood, the app for online trading, announced that it would stop providing support for BSV, the native cryptocurrency of the Bitcoin SV network. During a regular review of the crypto we offer on Robinhood, we decided to end support for Bitcoin SV . As of January 25, 2023, BSV is no longer available to trade, transfer, or hold on Robinhood.


But as of January 12, 2023, BSV was trading at just over $40, a tremendous drop from its all-time high. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. CoinDesk journalists are not allowed to purchase stock outright in DCG. Cryptocurrencies can fluctuate widely in prices and are, therefore, not appropriate for all investors. Trading cryptocurrencies is not supervised by any EU regulatory framework. Any trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions.

  • Bitcoin SV, or “Satoshi’s Vision,” is distinct from other versions of Bitcoin, including Bitcoin Cash, because of its larger block size, which results in reduced transaction fees.
  • Any BSV still in users’ Robinhood Crypto account after the deadline will be «sold for market value and the proceeds will be credited to your Robinhood buying power,» it said.
  • You can actually move crypto to your own wallets on Robinhood, but you have to apply and enable 2 factor to do it.

This was the first time in the year that such a high number of transactions would be documented, making it particularly noteworthy. Please enable JavaScript or switch to a supported browser to continue using Bitcoin SV, also known as “Satoshi’s Vision,” stands out from other Bitcoin variants, such as Bitcoin Cash, thanks to its increased block size and thus lower transaction fees. You also are unable to move your crypto into hot or cold storage, therefore taking ownership of your money out of your hands completely because you can’t send your crypto to your wallets. It’s too risky trading something that is being attacked so often. BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.

You should consider whether you understand how an investment works and whether you can afford to take the high risk of losing your money. The BSV was added to Robinhood almost immediately after the hard fork from Bitcoin bitcoin sv robinhood Cash. It has also said that it will delist the cryptocurrency starting January 25. Meanwhile, a significant portion of trading platform is caught up in the tribulations of former FTX chief Sam Bankman-Fried.

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Last year, he purchased 56 million Robinhood shares, a 7.6% stake in the company, for $648 million. BSV took a significant dip following the announcement from Robinhood around 1 pm CET. The crypto dropped from just above $44 to a low of $37.75 in three hours. Although up a bit since, BSV is still trading below $40 and is down 11% in the past 24 hours. Robinhood said it would no longer support Bitcoin SV on its platform, causing the token to dive over 10%.

Litecoin Outperforms the Top-Ranking Bitcoin

Any Bitcoin SV in customers’ accounts after January 25 will be automatically sold. Robinhood has deep ties to the crypto ecosystem other than the crypto-related services it offers to retail traders. Co-founders of failed crypto exchange FTX (FTT-USD) reportedly borrowed $546M from sister trading firm Alameda Research to buy a 7.6% stake in HOOD last year. The holdings of any other crypto users on Robinhood won’t be impacted. Users can still exchange all of the other coins that are available, depending on the state in which they reside.

Henslee foresees a significant problem for BSV entrepreneurs if Bittrex delists the coin and the Hand Cash USDC feature is delayed. It will then be difficult for many people to sell the coin for fiat to pay bills. “They might just need the cash,” he points out, noting that the firm may be financially impacted by the seizure of Sam Bankman-Frieds’ Robinhood stock. Bitcoin SV, or “Satoshi’s Vision,” is distinct from other versions of Bitcoin, including Bitcoin Cash, because of its larger block size, which results in reduced transaction fees. We protect all the coins owned by our customers with industry-leading security.

Witheconomic worries ahead, firms across the board are looking to cut costs and tighten their belts, so the decision was likely based on that. Robinhood delisted BSV, and it will come into effect on January 25, 2023. Henslee describes it as “just another blow,” although he sees it as short-term. Update on Robinhood’s website issued following a standard review of the cryptos it offers. One day, people will understand, not because it is inevitable, but because I will not give up on that goal and vision.

Bitcoin SV (BSV) Price Prediction 2026

Consult your financial advisor before making any investment decisions. Keep in mind, other fees such as trading (non-commission) fees, Gold subscription fees, wire transfer fees, and paper statement fees may apply to your brokerage account. As Bitcoin SV continues to reach new highs, our algorithm expects that in 2024, Bitcoin SV can achieve a maximum price of $104.28 while the average price for the year will stay around $93.11. If a bear market appears, the minimum price BSV can reach in 2024 is $81.93.

The native token of the Bitcoin SV network, BSV, will no longer be supported, according to Robinhood. It’s important to note that the content on the Bitnation website shouldn’t be considered investment advice. Within the next 5 years, the price of BSV is expected to rise above $253.25. The price of Bitcoin SV is expected to reach a maximum price of $67.04 in 2023. This increase has Bitcoin SV investors excited about the return on investment that they have made this week.

Bitcoin SV Price (BSV), Market Cap, Price Today & Chart History — Blockworks

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Posted: Thu, 01 Dec 2022 22:24:13 GMT [source]

Bitcoin SV , the hard fork of king coin Bitcoin, noted a sudden rise in selling pressure as Robinhood announced the termination of support for the cryptocurrency. Robinhood has received significant attention in the media in recent days, particularly in connection to the collapse of FTX. Robinhood emailed a statement to all its users stating it has decided to end support for Bitcoin SV . The trading platform said it made the decision following a periodic review of the cryptocurrencies the platform offers. Options trading entails significant risk and is not appropriate for all customers.

Robinhood does engage in a thorough vetting process of the cryptocurrencies offered on the platform, mainly with the goal of ensuring that it’s not listing unregistered securities. While I don’t know if that is the reason it’s removing the Bitcoin SV token, the action does make me think the company has some kind of regulatory concern. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.

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It’s impressive that just about everything in this paragraph is wrong. Buy button was turned off to a liquidity crisis causing them to not be in line with federal law. You can also move your crypto off of Robinhood into your own wallet now. Agree, also Robihood again does not clearly explain why they are doing this. Most of the people would be down on BSV and now they have to sell it at loss or transfer.

Under the incoming regulation, the Belgian FSMA will impose tighter restrictions on digital currency advertisements in the country. As an entrepreneur in the BSV ecosystem, Henslee says that if Bittrex delists the coin, he’s going to have a significant problem. Looking at things from a purely business perspective, Henslee says “it makes sense” for Robinhood to delist BSV, given that there probably wasn’t that much usage of it.

The figure represented a 92% decline in price from an all-time high of $489.75 set in April of 2021. She is a recent graduate of Emerson College’s journalism program.

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