• Online trading app Robinhood (HOOD) will end support for BSV, the native token of the Bitcoin SV blockchain, on Jan. 25.
• Users can buy, sell, send and hold BSV until the deadline, Robinhood said in a Wednesday email to customers and statement on its website.
• Following the announcement, the price for Bitcoin SV blockchain’s native token, BSV, dropped more than 15%.
Online trading app Robinhood (HOOD) has announced that it will be ending its support for Bitcoin SV (BSV) on January 25th. The announcement was stated in a Wednesday email to customers and a statement on its website.
The native token of the Bitcoin SV blockchain, BSV, is currently supported by Robinhood and users can still buy, sell, send and hold BSV until the deadline. However, any BSV in a Robinhood crypto account after the deadline will be sold for market value.
The announcement has caused a significant drop in the price of Bitcoin SV blockchain’s native token, BSV, with prices dropping more than 15%. This is a significant decrease for the price of BSV, which had been relatively stable for the past few months.
The decision by Robinhood to end its support of BSV is based on the online trading platform’s regular review of cryptocurrencies offered. This announcement comes shortly after another online trading platform, FTX, faced bankruptcy hearings and was able to recover more than $5 billion in different assets, according to an attorney.
The lack of support by Robinhood for BSV may have a lasting effect on the overall value of the cryptocurrency, as well as its long-term prospects. It remains to be seen how the market will react to the news and what other platforms may follow suit and end their support of BSV.
However, the cryptocurrency market is still a volatile one and it is important for investors to remain vigilant and aware of the news and changes affecting the market. It is also important to do your own research on any cryptocurrency you are considering investing in, and to always be aware of the risks associated with investing in cryptocurrencies.