Coinbase Ceases Bitcoin SV (BSV) Support, Urges Withdrawals To Users

Coinbase Ceases Bitcoin SV (BSV) Support, Urges Withdrawals To Users

The leading crypto exchange in the U.S., Coinbase, announced the cessation of its support for Bitcoin SV (BSV).

On November 7, Coinbase issued an alert for its users, especially those holding Bitcoin SV, to withdraw the altcoin. However, if users fail to withdraw, Coinbase will liquidate any remaining BSV remaining in the Coinbase wallet.

The announcement came as a major setback for the traders, who have Bitcoin SV tokens in their Coinbase wallet. Now, all the users holding Bitcoin SV tokens need to withdraw their tokens before January 9, or they might face liquidation.  

Upon liquidation, Bitcoin SV will be converted to another equally supported digital asset as per the then market value, which might bring additional charges of taxation and conversion.

Furthermore, the official email of Coinbase to their users also alerted them to be solely responsible for the charges they might face, if they fail to withdraw Bitcoin SV, by January 9, 2024.

Coinbase Delisted Bitcoin SV in 2021, Bidding Goodbye Officially

In 2021, Coinbase took a decision and delisted the Bitcoin SV token, after Craig Wright lost the Bitcoin Copyright. Notably, Craig Wright, who claimed himself to be the founder of Bitcoin SV lost the legal fight, following which many crypto exchanges like Binance, and Coinbase, delisted the token.

While delisting the token, Coinbase cited that BSV suffered multiple 51% attacks in 2021, where attackers gained most of the network’s hash rate, enabling them to alter the blockchain’s transaction history.

The attacks not only highlighted the vulnerabilities of BSV’s network but also shot faith of investors’ and traders’ confidence, due to which the value of Bitcoin SV started to move towards a downfall. 

Now, after two years, Coinbase officially announced to removal of the token completely and warned their users to withdraw Bitcoin SV tokens, before January 9.

Also Read: Avalanche’s Ava Labs Cuts Staff By 12%, Shifts Focus to Core Activities

Bitcoin SV Price & Performance

However, despite the announcement, the Bitcoin SV price noted gains of 1.45% over the last 24 hours and traded at $49.73. Meanwhile, according to experts, the recent surge in the crypto’s price could be due to the positive sentiment in the broader market.

On the other hand, the trading volume of the crypto rose 22.56% to $51.69 million, and its market cap soared 1.49% to $958.73 million.

Read Also: Bitget Announces Plans to Invest Strategically In India-Based Start-Ups

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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