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- 1 BSV coin is getting delisted from Coinbase.
- 2 Coinbase has released an official statement to clarify the process of delisting.
- 3 The current price is trading near the support zone.
Coinbase has advised its users who hold Bitcoin SV (BSV) to withdraw it from the platform by January 9th. BSV has been delisted from many other cryptocurrency exchanges due to various reasons including the multiple 51% attacks it has suffered in 2021 and its controversial creator Craig Wright.
A 51% attack is when bad miners get control of more than half of a blockchain’s mining power. This lets them harm the network by rejecting honest blocks and choosing their own longer chain instead.
BSV Coin’s History
Coinbase has warned that it will liquidate any remaining BSV in users’ accounts if they fail to withdraw the funds before the given time. Following this news, the value of BSV declined significantly, according to CoinDesk indices data. However, BSV trades thinly on the markets, with a moderate daily trading volume and a market cap of $0.9 Billion. In 2019, Binance CEO Changpeng Zhao ordered BSV to be delisted from his exchange after calling Wright a fraud.
What Will Happen if the User Keeps the Coins Past the Given Date?
Coinbase has released an official statement to clarify the process of delisting. According to the statement, when the BSV gets liquidated, it will be converted to the market value of another supported digital asset and then credited back to the owner’s account. However, after accounting for transaction costs and subject to market fluctuations, the owner may not receive any compensation when the remaining BSV in their account is liquidated.
Technical Analysis and Prediction of BSV Coin Price
At the press time, the BSV coin is trading at the level of $49 after the bulls have reclaimed the demand zone of $47. The current resistance level from here on is situated at the level of $55, while the 23rd resistance is situated at the level of $62. Similarly, if the bears can get a grip on the BSV coin, then the support could be broken, leading the next destination to its 2nd support level of $40.
The Relative Strength Index (RSI) is showing a sideways trend as it is trading near its consolidation zone of 55. Meanwhile, the 50-day EMA is trading below the current price action after making a bullish crossover with the 150-day EMA, which is at $39. The prediction is bearish following the news. However, following the volume increase of 25.31% in the last 24 hours, bulls can also take control for the short term.
Conclusion
Bitcoin SV (BSV) is getting delisted from the Coinbase. Coinbase has warned that it will liquidate remaining BSV in users’ accounts if they fail to withdraw the funds before the given time. Following this news, some bearish action was seen in the BSV coin price.
Technical Levels
- Support Levels: $47 and $40
- Resistance Levels: $55 and $62
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks or related indexes comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
