America’s largest cryptocurrency exchange Coinbase Global Inc. has revealed its plans to delist Bitcoin SV (BSV), highlighting the next step for affected users.
According to a screenshot shared by Alex Gladstein, the Chief Strategy Officer of the Human Rights Foundation, the delisting will come into effect on January 9, 2024. The market has started pricing in this news as Bitcoin SV’s price has dropped 1.45% to $48.74 at press time.
Coinbase finally saying goodbye to BSV ? pic.twitter.com/o1FxAqgy6J
— Alex Gladstein ? ⚡ (@gladstein) November 6, 2023
Coinbase Advises Next Step
Coinbase made this announcement about 2 months before the proposed delisting time to give its users with BSV assets ample time to convert their funds. Coinbase said its BSV holders can start making withdrawals from this time until 12 p.m. ET on January 9.
Users who refused to convert their BSV by that time will have to face automatic liquidation. The trading platform said it will convert the remaining BSV assets into another supported cryptocurrency and deposit it into the user’s wallet. However, the credited amount will be less due to the fees incurred.
Coinbase also warned its users that failure to withdraw the asset by its stipulated January 9 deadline may attract “unanticipated tax consequences.” As it stands, the exchange confirmed it has halted deposit support for BSV, and attempts to send the coin to its platform may result in a loss of funds.
The Bitcoin SV and Coinbase spat dated way back to August 2021 when Coinbase suspended the asset after recording a 51% attack. This attack comes into play when a group of bad actors gain control of at least 50% of the network’s node infrastructure. This allowed them to confirm transactions to their benefit.
It is worth noting that while the Bitcoin SV delisting appears targeted, this move is not uncommon among exchanges. From Binance to Bitget, delisting non-functional trading pairs comes as a standard practice for these trading venues to maintain the integrity of their platforms.
Coinbase Delisting: Damage to BSV?
BSV has garnered a strong community of like minds to drive a robust ecosystem around the blockchain network. Its performance hit a climax on October 22 when the coin soared to its highest price for the year.
Per earlier reports, BSV soared to a high of $55.5, setting a new pace for other altcoins like Ethereum Classic (ETC) and Polkadot (DOT) to follow.
As a fork of Bitcoin Cash, BSV occupies a pivotal role in the evolution of digital currencies with its mission to restore Satoshi’s original vision. Bitcoin SV’s market capitalization is $937,037,488, with a trading volume $54,880,280, up 35%.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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