Coinbase Is Removing Support For Bitcoin SV, Warns Holders To Withdraw Or Risk Getting Liquidated
Portfolio Pulse from Mehab Qureshi
Coinbase Global Inc (NASDAQ:COIN) has announced that it will be completely removing support for Bitcoin SV (CRYPTO: BSV). If users fail to withdraw their BSV funds, any remaining BSV in their Coinbase accounts will be liquidated. This decision came after BSV's underlying blockchain suffered a “51% attack,” causing the network to become unstable. Since then, Coinbase users have been unable to buy or sell BSV, although they can still hold the cryptocurrency in their wallets on the platform.
November 07, 2023 | 3:54 am
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NEUTRAL IMPACT
Coinbase's decision to remove support for Bitcoin SV could potentially impact its user base and trading volumes.
As Coinbase is a major cryptocurrency exchange, its decision to remove support for a particular cryptocurrency can have implications for its user base and trading volumes. However, the impact on its stock price is uncertain as it depends on how significant BSV trading is to Coinbase's overall operations.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
The removal of support for Bitcoin SV by Coinbase could lead to a decrease in the value of BSV.
Coinbase's decision to remove support for Bitcoin SV could lead to a decrease in the value of BSV as it reduces the number of platforms where BSV can be traded. This could lead to a decrease in demand for BSV, thereby reducing its price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100