• Robinhood announced it will delist Craig Wright’s Bitcoin SV (BSV) on Jan. 25.
• Any BSV held on the platform will be sold at market value and credited to customers‘ Robinhood buying power.
• Hawaiian, Nevada, and New York investors have limited capabilities to trade BSV.
Robinhood, the popular stock and crypto trading app, recently announced that it will be delisting Craig Wright’s Bitcoin SV (BSV) on January 25th. This decision comes as a part of Robinhood’s routine review of its crypto products and means that BSV will continue to be tradeable on the app until the deadline. However, the Robinhood spokesperson stated that investors residing in Hawaii, Nevada, and New York have limited capabilities to trade BSV.
The spokesperson further stated that any BSV held on the platform by customers after the deadline will be „sold at market value and credited to their Robinhood buying power.“ This means that Robinhood will be selling any BSV held on the platform after the deadline and crediting the funds to the users‘ buying power.
The price of BSV opened on January 11th at $44.95 but has since fallen by 16.97% to $37.29 at press time. Bitcoin is also experiencing a ‚red day‘ with the flagship crypto dropping 0.91%. However, the price decline for Bitcoin is still well above the $17,000 mark as the retracement failed to mirror the losses of BSV.
Bitcoin SV is a hard fork of Bitcoin Cash (BCH) which was created in November 2018. The hard fork was initiated by Bitcoin Cash pioneer and self-proclaimed Satoshi Nakamoto Craig Wright. The hard fork was intended to bring back the original Bitcoin protocol and was met with mixed reactions from the crypto space.
The decision to delist BSV comes as a surprise to many in the crypto community, especially since the hard fork was intended to bring back the original Bitcoin protocol. However, the Robinhood spokesperson stated that the decision was part of their regular review process and that all of their customers‘ crypto remains safe on Robinhood.
Overall, Robinhood’s decision to delist Bitcoin SV has caused some controversy amongst the crypto community. The platform will be selling any BSV held on the platform after the deadline at market value and crediting the funds to the users‘ buying power. In addition, investors residing in Hawaii, Nevada, and New York have limited capabilities to trade BSV on the app. Despite this, the Robinhood spokesperson stated that all of their customers‘ crypto remains safe on the platform.