Users of popular stock and cryptocurrency trading app Robinhood are reacting to the announcement that the platform will delist Craig Wright’s Bitcoin SV (BSV) on January 25.
A Robinhood spokesperson further said crypto slate Any BCV held by customers on the platform after the deadline will be “sold at the market price and credited to Robinhood’s purchasing power,” it said.
This change is made as part of regular reviews of Robinhood’s crypto products. This means BSV can still be traded on the app until the deadline. However, he also stressed that investors residing in Hawaii, Nevada and New York have limited ability to trade his BSV.
A Robinhood spokesperson further said:
“We have a rigorous framework in place to regularly review our crypto offerings…no other coins will be impacted by this change and all your cryptocurrencies will be on Robinhood. We are very selective about the assets we offer…”
BSV’s price opened at $44.95 on January 11, but has fallen 16.97% to $37.29 at the time of writing. Bitcoin is also down 0.91%, ushering in a “red day” for the flagship cryptocurrency. However, Bitcoin’s price drop is still well above $17,000 as the retracement failed to reflect the BSV loss.
Bitcoin SV and Craig Wright
Bitcoin SV is a hard fork of Bitcoin Cash, created by the infamous Craig Wright, self-proclaimed Bitcoin founder Satoshi Nakamoto. Wright has found himself in numerous legal battles with those who have challenged his claim to the Bitcoin throne, so many investors have taken his BSV from the popular exchange. We support the removal of
Craig Wright has not directly commented on the delisting, but it coincides with a significant sale of BSV. However, he tweeted some motivational quotes from Benjamin Franklin and Plato. addition,
“I can’t say it’s been perfect here, but I’ve been able to listen first and then talk. I’m tracking this and so far it’s been going great.”
BSV is Added It moved to Robinhood following the BCH fork in November 2018, and BSV was distributed to all BCH owners at that time. Therefore, BSV had been trading on Robinhood for about five years when it was removed.
Why did Robinhood delist BSV?
According to Robinhood’s latest filings, the platform holds $9.36 billion in crypto across all assets. It’s unclear what percentage of this number is related to Bitcoin SV. However, Bitcoin, Ethereum, and Dogecoin are majority of holdings $8.145 billion.
Bitcoin SV will therefore form part of the remaining $1.216 billion held for customers. Robinhood does not disclose the value of Bitcoin SV it holds.
Considering Robin Hood’s previous break-in Bitcoin SV may be removed by the SEC due to its desire to reduce risk exposure to some asset types.The latest in Robin Hood 10Q document Bitcoin SV filed with the SEC was named as a potential risk factor for businesses.
“In August 2021, hackers temporarily hijacked the Bitcoin SV network and were able to sabotage transaction completion using coins they didn’t have.
Loss, hacking or other compromise of private keys associated with hot or cold wallets used to store Customer’s Cryptocurrency may result in permanent loss of Customer’s Cryptocurrency. “
Bitcoin SV could impact the price further on Jan. 25 if a large amount of BSV remains on the platform after the deadline.