End of the Road for Bitcoin SV on Coinbase
Coinbase, a leading cryptocurrency exchange, has officially ceased support for Bitcoin SV (BSV), concluding a phase-out process that began as a rumor in November 2023. As of today, Coinbase has confirmed the deprecation of BSV, no longer listing it as a supported digital asset on their platform.
Forced Asset Liquidation
In an unexpected move for some users, Coinbase has forcefully liquidated BSV holdings, converting them into other cryptocurrencies offered on the exchange. This action comes with the caveat of transaction costs, as noted in a recent Coinbase tweet, leaving some users with less than anticipated due to fees.
What This Means for BSV Holders
Individuals holding minimal amounts of BSV may find the involuntary conversion process less than compensatory. The combined effects of transaction fees and market volatility could potentially diminish the entire value of their BSV assets. Coinbase has made it clear that after the deprecation date, any remaining BSV fractions will be removed, and users will be unable to withdraw these amounts.
Pre-Delisting Advisories
Prior to the delisting, Coinbase had informed its customers of the upcoming changes, advising them to transfer BSV to an external wallet compatible with the cryptocurrency before the January 9 deadline. They were also cautioned about potential tax implications caused by the liquidation process.
BSV’s Controversial History and Market Performance
Bitcoin SV, born from a hard fork in the Bitcoin Cash network in 2018, has been surrounded by controversy, including security issues and erratic market behavior. Its standing has been further compromised by a series of removals from various exchanges and a significant 51% attack in 2022. Despite the delisting, BSV has seen a 102% surge in trading volume and a 2.6% price increase in the past 24 hours, though it remains 85% below its all-time high.
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