Bitcoin SV (BSV) on the edge
Time passes and from the Fork from which it originated until today, Bitcoin SV (BSV) has not only lost value but also its appeal to exchanges, let’s take a look together at the health of the digital currency.
Bitcoin’s price is back just below €17,000, appreciating by 1.21% in the past 24 hours (€16,871.08), but how would it have fared if it had never undergone any upgrades over the past 13 years? By looking at the trend of Bitcoin SV (BSV) we can get a fairly likely idea.
Bitcoin SV, or commonly referred to as “Satoshi’s Vision,” consists of larger blocks that result in smaller fees.
The digital currency takes shape from the fork of Bitcoin Cash (BCH) in 2018 and aims to restore BTC’s primary algorithm.
To date, with $745 million, Bitcoin SV (BSV) occupies 54th place in the market capitalization ranking but is well behind the heights of Bitcoin ($335 billion) or Bitcoin Cash ($2 billion).
The price of Bitcoin SV is down nearly 7% (6.82%) in the last week and as of yesterday, as much as 9.81% bringing it to €39.16, one-twelfth the value from the all-time high of €457.05.
As of today, Bitcoin SV is on the market with a supply of 19,266,076.644 units.
Despite the curious comparison with the more emblazoned Bitcoin, BSV is traded on very few exchanges and among them, we find OKX, KuCoin, Huobi and Robinhood.
Robinhood, itself, in a statement recently warned its users that those holding Bitcoin SV on the exchange have until 25 January to transfer or sell their BSV assets.
When it comes to buying, the exchange of the world’s most famous archer has already imposed a blockade and specified that if there are still Bitcoin SV on the exchange platform as of 26 January, they will be sold automatically.
“We have a rigorous framework in place to help us regularly review the cryptocurrencies we offer on Robinhood. While we do not discuss the process for assets on an individual basis, based on our latest review, we have decided to end support for Bitcoin SV.”
The price of Bitcoin SV (BSV) has dropped a great deal since the beginning of the year and according to CoinGecko’s analysis, this is enough to explain the fears of the Menlo Park-based exchange and the choice made which puts the safety of investors at the forefront and emphasizes the fact that, the digital currency, has lost 92% from its all-time high putting it in a bad light and comparing it almost to a shit coin.
To date Bitcoin SV (BSV) is tradable on very few platforms and most exchanges are removing the token from their selection, in order of time the last one had been OKCoin and now it seems to be the turn of the American company Robinhood Markets Inc which stated the following:
“We are extremely selective about the resources we offer as we build towards our goal of making Robinhood Crypto the most reliable, lowest cost, and easiest to use on the ramp to crypto.”
As Bitcoin SV meets a grim fate, Bitcoin seems to be showing interesting signs and regaining some of the dominance it lost over time and with it volatility.
Digital Gold is back to traveling around the €17,000 mark and this is also good considering the fact that it has taken back the 200 EMA but it is too early to say that the trend has definitely changed.
One piece of evidence in plain sight is that there is more hype and that volatility has definitely returned for both BTC and the other cryptocurrencies.
