Coinbase could delist Bitcoin SV in the early days of 2024. A tentative date for users to withdraw their funds is January 9, 2024. There is a chance that Coinbase is 100 percent sure of taking the token off the platform, considering it has done so with the Bitcoin spin-off BSV in 2021. That resulted from a 51% attack, causing instability in the network.
Now, moving forward, Coinbase is more determined not to support Bitcoin SV after the said date. A part of the warning has sought users to withdraw their funds. Alternatively, Coinbase has said that funds will be liquidated if they are not withdrawn. Coinbase will also look to convert those funds into another digital asset.
As for the Bitcoin spin-off BSV, customers are reportedly unable to buy and sell the token, and their holdings are sitting idle in wallets. Coinbase has currently confirmed that support for the token is being deprecated.
BSV was established in November 2018. It went on to become the 53rd biggest digital asset. However, all of it has come crippling down after Craig Wright attracted controversy by claiming to be Satoshi Nakamoto. The Australian computer scientist has yet to provide any evidence, but he has caused a stir in the ecosystem.
That has gone to the extent of Wright threatening legal action against anyone who contradicts this claim. Kraken, an exchange platform, responded to his threats by delisting BSV years ago.
It should, therefore, not come as a surprise that BSV is losing its value. The token is exchanging hands at $48.27, a fall of 0.38% in the last 24 hours. It further reflects a slip of 2.73% in the last 7 days. BSV forecast is still optimistic about the token rising to $74.54 by the end of this year. Now that Coinbase has requested that users remove their tokens or risk having them liquidated, there’s a greater chance that this will alter.
BSV has taken a hit in terms of market cap and volume, too. Both are down by 0.55% and 13.90%, respectively. An additional aspect has begun to emerge, wherein locations provide holders with information regarding the ways in which microtransactions on the BSV blockchain aid creators, artists, and performers. BSV reportedly permits users to donate or tip their preferred artists from around the world. Additionally, this encompasses performers and similar creators. The objective is to harmonize sentiments to elevate a sense of appreciation.
Tipping is about valuing the effort, as reports have claimed after saying that it is not really charity. Nevertheless, Bitcoin SV remains at the center of controversies, with Coinbase becoming the latest exchange platform to completely remove support for the token effective January 9, 2024. This comes after it delisted the token in 2021.