As was somewhat to be expected, the vast majority of cryptocurrency markets have turned pretty bearish once again. This is the direct result of Bitcoin losing value again, which usually causes major problems for alternative markets. So far, it seems as if the Bitcoin SV price is getting hit the hardest, as its valued dropped well below $60 rather quickly.
Bitcoin SV Downtrend Grows Rather Steep
Ever since its inception, Bitcoin SV has caused a fair bit of controversy in quick succession. It is widely considered to be a “shitcoin” by the community, although that hasn’t prevented the project from seeing some minor successes along the way. However, it would appear most of that positive momentum has come to an end, as there is a genuine “DelistSV” campaign occurring in the industry as a whole.
This has caused a massive Bitcoin SV price collapse, which is only to be expected. More specifically, there is a 22% loss in USD value, as one BSV is now priced at just $56.28. There is also a 20.65% loss in BSV/BTC, as the ratio dipped to 0.011 Bitcoin. Neither of these trends look very appealing, but it seems the genuine pressure may not relent anytime soon either. Multiple platforms have now delisted SV, which will undoubtedly cause even more price pressure in the very near future.
On social media, the big news is how Binance has delisted Bitcoin SV as a trading market. Not because of a client update or a network issue, but rather because the show has seemingly run its course. ShapeShift has also confirmed they will remove this altcoin from their platform in the coming hours. It seems unlikely all exchanges and trading platforms will do so right away, but it creates an interesting point of discussion regardless.
Some people are also targeting the people who have seemingly stood by Bitcoin SV for quite some time now. Nguyen Loc is poking fun at Calvin Ayre and how he keeps defending Bitcoin SV and its team even during this troublesome period. It is certainly true no one is capable of preventing people from selling Bitcoin SV on exchanges, other than the exchanges themselves effectively delisting this trading market. A very interesting week lies ahead in this regard, although the outcome may not please everyone.
— Nguyen Loc (@nguyenloccrypto) April 16, 2019
Vegard Wikeby isn’t too bothered by this by all of these developments. Instead, he is also proposing a solution to address the current delisting process. Launching a North America Bitcoin BSV Exchange only with CAD, USD, and MXN trading pairs would certainly be an intriguing development. Whether or not it can happen and be successful, is a very different matter altogether.
Who will be interested in looking into creating a North America Bitcoin BSV Exchange only? NABE.
Trading pairs only in BSV/CAD, BSV/USD & BSV/MXN?
— Vegard Wikeby (@vegardwikeby) April 16, 2019
When it comes to looking at the bigger picture, it would seem rather unlikely things will improve for Bitcoin SV in the coming hours. A 22% drop is a major setback, but one has to keep in mind this can easily grow a lot worse in very quick succession. While the trading volume looks good, the market cap of Bitcoin SV has now officially dropped below $1bn already. There is a lot of market momentum ahead, albeit one never knows how things will evolve exactly.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.