The U.S.-based cryptocurrency exchange Coinbase has officially announced the termination of its support for Bitcoin SV (BSV). Users holding BSV tokens must withdraw them by January 9, 2024, to avoid automatic liquidation.
Key Details of the Announcement
- Withdrawal Deadline: January 9, 2024
- Liquidation Process: Remaining BSV tokens will be converted into another supported digital asset at market value.
- Potential Charges: Users may incur additional fees for taxation and conversion during liquidation.
👉 Secure your assets now by withdrawing BSV tokens before the deadline to avoid unnecessary costs.
Background: Coinbase’s Delisting of Bitcoin SV
Coinbase initially delisted BSV in 2021 following multiple controversies, including:
- Legal Setback: Craig Wright, who claimed to be Bitcoin SV’s founder, lost a high-profile copyright lawsuit.
- Network Vulnerabilities: BSV suffered repeated 51% attacks, eroding investor confidence.
Despite these issues, BSV’s price recently saw a 1.45% increase, trading at $49.73, likely due to broader market optimism.
Bitcoin SV Market Performance (As of Latest Data)
| Metric | Value | Change (24h) |
|-----------------|---------------------|--------------|
| Price | $49.73 | +1.45% |
| Trading Volume | $51.69 million | +22.56% |
| Market Cap | $958.73 million | +1.49% |
FAQs: What Users Need to Know
1. What happens if I don’t withdraw BSV by January 9?
Coinbase will liquidate remaining tokens, converting them into another supported asset. Tax implications may apply.
2. Why did Coinbase delist BSV earlier?
The decision stemmed from Craig Wright’s legal loss and BSV’s susceptibility to 51% attacks, which compromised network security.
3. Can I still trade BSV elsewhere?
Yes, but check other exchanges’ policies, as platforms like Binance also delisted BSV in 2021.
👉 Explore alternative trading options for BSV if you plan to continue holding the token.
Final Reminder
Coinbase emphasizes that users are solely responsible for managing their BSV holdings before the deadline. Failure to act may result in financial penalties.
Pro Tip: Always stay updated on exchange policies to safeguard your crypto investments.
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