• Bitcoin Satoshi Vision (BSV) has seen a 5% decline in price recently.
• Robinhood’s delisting plans contributed to the downward price movement of BSV.
• Selling pressure spiked the volume metric as $77 million was traded over the timeframe.
Bitcoin Satoshi Vision (BSV) is a fork of Bitcoin Cash (BCH) that is known as “Satoshi’s Vision”. It is characterized by its larger block size, which leads to lower transaction costs, setting it apart from other variants of Bitcoin such as Bitcoin Cash (BCH). On 11 January, it experienced a 5% decline in its price, leading to investors’ assets being reduced in value by over 5% within a 24 hour period.
The downward trend in price has been attributed to the prevailing sentiment on the market, as well as an announcement from the stock and cryptocurrency trading platform, Robinhood. On 11 January, Robinhood announced that it would be ceasing support of Bitcoin SV and delisting it later in the month. As of 25 January, customers will no longer be able to trade, purchase, or otherwise deal with Bitcoin SV, with any remaining BSV in customer accounts automatically being sold and credited to their accounts.
In addition, the volume metric as per Santiment’s volume metric revealed that over $77 million was traded over the timeframe, with this being the highest volume of transactions documented in the year. This indicates that the selling pressure has increased significantly, which is likely to contribute to the downward trend in price.
Overall, the downward trend in price for Bitcoin Satoshi Vision (BSV) is likely to continue due to the sentiment on the market, Robinhood’s delisting plans, and the increase in selling pressure. It remains to be seen what effect these factors will have on the price of BSV in the future.