Cryptocurrency

Binance and ShapeShift Delist Bitcoin SV, Kraken Under Pressure to Follow

Binance and ShapeShift Delist Bitcoin SV, Kraken Under Pressure to Follow

Bitcoin SV has recently been rocked by a series of high-profile delistings from major cryptocurrency exchanges. Furthermore, Bitcoin SV has recently plummeted to fresh year-to-date lows in the light of these developments.

The #delistBSV movement has recently been gaining momentum

For those who need a refresher on the topic, Bitcoin SV (BSV) is a Bitcoin Cash hard fork primarily associated with the ever-controversial Craig Wright and Calvin Ayer.

However, although public sentiment has always been split on BSV and Craig Wright, this has turned decisively negative in recent weeks following threats by Wright to take legal actions against his critics.

As such, an online campaign against Bitcoin SV, dubbed #delistBSV, has been gathering steam during the last week. Now, the major cryptocurrency exchange Binance has announced that it will delist Bitcoin SV from its trading platform.

Ledger Nano S - The secure hardware wallet

This is said to primarily stem from Binance CEO Chenpeng Zhao’s irritation over Craig Wright and Calvin Ayer’s continued Twitter antics, which some observers have commented could amount to unethical behavior. Consequently, Bitcoin SV will be delisted from Binance on April 22nd.

This comes as a sizable blow to Bitcoin SV all on its own, but Binance is far from the only cryptocurrency exchange taking a stand against Bitcoin SV.

Specifically, ShapeShift’s CEO Erik Voorhees has since also announced that Bitcoin SV will be delisted from that platform as well. Voorhees went on to state this in a tweet, in which he also cited his support for Binance’s decision:

”We stand with @binance and CZ’s [Chenpeng Zhao’s] sentiments. We’ve decided to delist Bitcoin SV #BSV from @ShapeShift_io within 48 hrs.”

71% support delisting of BSV in open Kraken Exchange poll

Furthermore, there is a very real possibility that more cryptocurrency exchanges will follow suit. For example, Kraken Exchange is currently holding an open poll on Twitter over whether to delist Bitcoin SV or not.

At the time of writing, the poll option ”Yes, it’s toxic” holds an overwhelming lead of 71%, against the minuscule 3% who have answered ”No, it’s awesome”. This makes it quite likely that Kraken will soon follow in Binance’s footsteps.

As a result, several industry spectators are predicting that Bitcoin SV will see a marked drop in market price. This has already begun, with Bitcoin SV currently trading at a price of $55.58, which constitutes the coin’s lowest price level during 2019.

Is BSV ”headed for zero”?

Pressure is also mounting for other platforms to delist the cryptocurrency, which could drive the price even lower. The popular cryptocurrency trader ”WhiteRabbitBTC” tweeted that the cryptocurrency is currently seemingly headed for ”zero”:

“$BSV bag holders prepare for incoming tears. Your leaders went full #billionairemode suing bitcoiners and being general douchebags.  Now your coin is being delisted on the largest exchange which accounts for a majority of all trading volume. See you guys at zero.”

Nevertheless, this story is far from over. The cryptocurrency exchange OKEx has reportedly decided not to delist Bitcoin SV.

Moreover, in an interesting turn of events, the Japanese financial services giant SBI Holdings has supposedly announced that it will delist Bitcoin Cash from its virtual currency exchange in June of this year – whilst retaining support for Bitcoin SV.

Image Source: “Flickr”

Ledger Nano S - The secure hardware wallet