Robinhood Stopped Supporting Bitcoin SV, Token Price Dropped Big
- The native token of the Bitcoin SV network, BSV, will no longer be supported, according to Robinhood.
- Up to the cutoff, users can purchase, sell, send, and hold BSV. After the cutoff, any BSV in a Robinhood cryptocurrency account will be sold at market price.
- According to the email, Robinhood’s choice was made after it regularly evaluated the cryptocurrencies it offered. It declined to comment on the selection process for specific assets and gave no explanation for why it has stopped supporting the coin.
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.
According to a statement on Robinhood’s website and an email sent to consumers on Wednesday, users can purchase, sell, send, and hold BSV until the deadline. After the cutoff, any BSV in a Robinhood crypto account would be sold for market value, the company stated.
Users who reside in Hawaii or Nevada are unable to purchase BSV. They cannot transfer BSV if they reside in New York.
Not impacted are other coins. 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.
Users can send their BSV to another wallet or cryptocurrency platform if they don’t want to sell it and they reside in a country where transfers are permitted. Any BSV that is still available on Robinhood after the cutoff time, however, will be immediately sold and deducted from the user’s Robinhood purchasing power.
According to the email, the choice was made after it regularly evaluated the cryptocurrencies it offered. It declined to comment on the selection process for specific assets and gave no explanation for why it has stopped supporting the coin.
After a hard split from the Bitcoin Cash network, which itself was a hard fork of the original Bitcoin blockchain, the Bitcoin Satoshi Vision (Bitcoin SV) blockchain was produced in 2018.
On Wednesday, BSV’s price dropped considerably. Data from CoinMarketCap showed that its price had dropped 21.7% to $35.1 during the previous day. At the time of writing, BSV is trading at $41.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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