Termed as the “right thing” to do, Binance CEO Changpeng Zhao announced the delisting of Bitcoin SV [BSV] from their services, leading to a massive freefall for the once top-10 coin and a bearish trend for the collective market.
Following the tirade of BSV proponents Wright and Ayre handing out legal notices to those who opposing Wright’s claim of being Satoshi Nakamoto, the crypto-community lashed out at the BCH hard fork demanding their delisting.
CZ, on April 11, voiced his discontent with Holdanaut, a popular crypto-Twitter handle being served a legal notice by the BSV duo, stating “Anymore of this sh!t, we delist!” and joining the ‘Wright is not the creator of Bitcoin’ camp. Several crypto-proponents even appealed to other exchanges to follow suit.
Only four days since the initial “threat”, did Binance pull the trigger. With no stoppage to the relentless claims, Zhao announced via an April 15 tweet that the largest exchange in the world will delist Bitcoin SV. Satoshi’s Vision will officially be offloaded by Binance on April 222 at 1000 UTC.
According to the exchange’s website, a host of reasons could result in the coin being shown the door. The main reasons cited are a lack of commitment in the project, poor development activity, and communication, poor smart contract stability, fraudulent conduct, or unhealthy ecosystem.
Binance was not the only exchange to boot out Satoshi’s Vision, with Erik Voorhees’ Shapeshift also delisting BSV. The American cryptocurrency exchange Kraken has also hinted at a delisting via their Twitter page.
It comes as no surprise that a delisting by the biggest exchange in the world has resulted in a massive freefall in the BSV price, declining by a whopping 21.22 percent at press time. Following a rise to $95 at the beginning of the month, when BTC ascended above $5,000, the current price is 40 percent lower, trading at a dismal $57.12.
Bearish sentiments set in when the first delisting hint was dropped by CZ on April 11 which resulted in investors panicking and selling off the then twelfth largest coin in the market. The dump began at 0900 UTC on April 14, when the coin was trading over $70 and continued till the coin hit $55. The coin has since increased by $2, providing some respite to the BSV community.
Market cap has also seen a monumental tumble, with the coin dropping under $1 billion, down to a bottom of $966.67 million. This decline has resulted in the coin dropping by two spots on the coin ladder to 14th, allowing Monero [XMR] and Dash [DASH] to rise up.
OKEx takes the top spot in terms of BSV trade volume, accounting for 8.89 percent of the global trade via the trading pair BSV/USDT. Binance still holds a considerable share of the BSV volume, accounting for 7.73 percent and 5.89 percent via the trading pairs BCHSV/USDT and BCHSV/BTC, which will eventually cease on April 22.
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