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Coinbase Has Officially Discontinued Support For Bitcoin SV

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Coinbase Has Officially Discontinued Support For Bitcoin SV

(CTN News) – Coinbase has decided to remove Bitcoin SV from its list of supported digital assets.

Delisting was initially rumored in November 2023, but became official when Coinbase announced that it had discontinued support for Bitcoin SV (BSV).

According to Coinbase’s post on X, users who still owned BSV assets had their assets liquidated and converted into a different cryptocurrency available on the platform after deduction of transaction costs.

Also, the exchange informed customers that the involuntary conversion process may not result in compensation, especially if their holdings of BSV were minimal, as transaction fees and market volatility could totally erode the value of the asset.

In addition, Coinbase warned that after the deprecation date, it would no longer be able to withdraw the remaining fractions of BSV from customers’ accounts, effectively eradicating all traces of BSV.

Earlier this year, Coinbase had prepared users for this shift,

As reported by crypto.news. An email was sent out by the exchange advising customers to transfer any BSV holdings to an external BSV-compatible wallet by January 9.

Furthermore, it warned users that following the deadline, they would no longer be able to see BSV in their portfolios, only the credited cryptocurrency reflecting the conversion, minus the associated fees.

Notably, the exchange had also cautioned users about the possibility of tax liabilities arising from the liquidation process, emphasizing their responsibility for understanding their individual tax situation and acting accordingly.

As a result of a split in the Bitcoin Cash (BCH) network in 2018, Coinbase BSV’s history is marred by controversy, including concerns regarding market volatility and security.

There has been a decline in its presence, as evidenced by its removal from other exchanges, such as Robinhood. Furthermore, the recent upheavals in 2022 involving a 51% attack further weakened BSV’s position.

Cryptocurrencies are currently trading 85% below their all-time highs. While it has been delisted, it has registered a massive increase in trading volume of 102% over the last 24 hours, accompanied by a modest price increase of 2.6%.

SEE ALSO:

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