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Coinbase Is Ending Support for Bitcoin SV, Warns Users to Withdraw their BSV

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In a move that displays a significant blow to Bitcoin SV, the largest crypto exchange in the US, Coinbase Global Inc. has officially announced that it will cease its support for BSV (Bitcoin SV) while urging its holders to withdraw all their funds or face liquidation.

The origins of the Bitcoin SV network are controversial, probably due to its relationship with Craig Wright, who claimed to be Nakamoto.

This claim was met with a broad range of skepticism and challenges in the cryptocurrency community. Moreover, the BSV is one of the spin-offs of the original Bitcoin.

READ ALSO:UK To Finance 2 AI Supercomputers with 300M Pounds

Back in November 2018, due to the hard fork from Bitcoin Cash, Bitcoin SV (Satoshi’s Vision) cryptocurrency was born.

 A hard fork happens when a Blockchain is divided into 2, either because of disagreement between developers causing a forced division or a planned upgrade.

This decision by Coinbase Global Inc. to remove its support of the Bitcoin SV came after it delisted the token in 2021.

So, this latest notice from Coinbase is the final step to eliminate Bitcoin SV from its platform completely.

Fast Facts

  • Through a notice to its holders, Coinbase (COIN) disclosed its plans to completely delist Bitcoin SV BSV/USD from the list of its cryptos.
  • Following the announcement, the United States-based giant crypto exchange urges its holders to withdraw all their Bitcoin SV from the platform on or before January 9 next year.
  • The crypto exchange warns its users to act immediately to protect their investments. Coinbase asked its users to withdraw their BSV holdings through on-chain or off-chain sends.
  • It went further to warn that any user who fails to withdraw its holdings by the given deadline of January 9, 2024, will have to face Coinbase’s liquidation, which may affect their control over their eventual cash-out value.

What’s Happening In Crypto Today?

At the time of this writing, Bitcoin is changing hands at $34,839.99 while recording a drop in market cap of 0.76% and an increase of 5.85% in trading volume.

On the other hand, Ethereum is trading at $1,883.21, with a decline in market cap by 0.36% and an increase in trading volume by 5.83%.

  • On the side of Tether USDT, its price at the moment is at $1.00, while it sees a decrease in market cap of 0.03% and an increase in trading volume by 14.17%.
  • Meanwhile, BNB is selling at $249.40, with a rise in market cap by 2.12% and a rise again in trading volume by 69.02%.
  • Whereas, at present, XRP trades at $0.6878, with a drop in market cap by 0.64% and an increase in trading volume by 29.64%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Meta Description

In a move that displays a significant blow to Bitcoin SV, the largest crypto exchange in the US, Coinbase Global Inc. has officially announced that it will cease its support for BSV (Bitcoin SV) while urging its holders to withdraw all their funds or face liquidation.

Coinbase Is Ending Support for Bitcoin SV, Warns Users to Withdraw their BSV

The origins of the Bitcoin SV network are controversial, probably due to its relationship with Craig Wright, who claimed to be Nakamoto.

This claim was met with a broad range of skepticism and challenges in the cryptocurrency community. Moreover, the BSV is one of the spin-offs of the original Bitcoin.

Back in November 2018, due to the hard fork from Bitcoin Cash, Bitcoin SV (Satoshi’s Vision) cryptocurrency was born.

 A hard fork happens when a Blockchain is divided into 2, either because of disagreement between developers causing a forced division or a planned upgrade.

This decision by Coinbase Global Inc. to remove its support of the Bitcoin SV came after it delisted the token in 2021.

So, this latest notice from Coinbase is the final step to eliminate Bitcoin SV from its platform completely.

Fast Facts

  • Through a notice to its holders, Coinbase (COIN) disclosed its plans to completely delist Bitcoin SV BSV/USD from the list of its cryptos.
  • Following the announcement, the United States-based giant crypto exchange urges its holders to withdraw all their Bitcoin SV from the platform on or before January 9 next year.
  • The crypto exchange warns its users to act immediately to protect their investments. Coinbase asked its users to withdraw their BSV holdings through on-chain or off-chain sends.
  • It went further to warn that any user who fails to withdraw its holdings by the given deadline of January 9, 2024, will have to face Coinbase’s liquidation, which may affect their control over their eventual cash-out value.

What’s Happening In Crypto Today?

At the time of this writing, Bitcoin is changing hands at $34,839.99 while recording a drop in market cap of 0.76% and an increase of 5.85% in trading volume.

On the other hand, Ethereum is trading at $1,883.21, with a decline in market cap by 0.36% and an increase in trading volume by 5.83%.

  • On the side of Tether USDT, its price at the moment is at $1.00, while it sees a decrease in market cap of 0.03% and an increase in trading volume by 14.17%.
  • Meanwhile, BNB is selling at $249.40, with a rise in market cap by 2.12% and a rise again in trading volume by 69.02%.
  • Whereas, at present, XRP trades at $0.6878, with a drop in market cap by 0.64% and an increase in trading volume by 29.64%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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