News

Robinhood Stopped Supporting Bitcoin SV, Token Price Dropped Big

Key Points:

  • 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.

BSV price chart. Source: CoinMarketCap

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.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

1 hour ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

2 hours ago

BlockDAG X1 App Receives Huge Response From Community, Hiting Over 200K Users! Latest on Bitcoin & Chainlink Prices

Want to learn about Bitcoin and Chainlink's prices? See why BlockDAG with its X1 app…

2 hours ago

Bitcoin Mining Difficulty Tops 100T Hash for the First Time

New ATH for Bitcoin’s average hashrate, combined with Bitcoin mining difficulty surpassing 100 trillion hashes,…

3 hours ago

US Presidential Election Drives Bitcoin Price Back to $70,000

Bitcoin's price rose 3% to $70,200, influenced by excitement surrounding the US presidential election.

4 hours ago

Xinteria Surpasses $1 Billion in Trading Volume, Unveils Innovative Market-Making Technology

NY, United States of America, 5th November 2024, Chainwire

4 hours ago

This website uses cookies.