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Cryptocurrency News by Tradecoind2
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[QUOTE="tradecoind2, post: 327896, member: 103239"] Coinbase, the largest cryptocurrency exchange in the United States, has announced plans to end support for Bitcoin SV (BSV) on its platform. This decision comes more than two years after the exchange initially removed BSV from trading. [HEADING=1][B]Coinbase finalizes BSV withdrawal deadline[/B][/HEADING] According to the announcement, Coinbase will stop supporting BSV assets starting early next year and users are encouraged to take action before January 9, 2024 to protect their holdings. The notice states: “Users can withdraw BSV until support for this asset ends completely on January 9, 2024, approximately 12:00 ET (0:00 January 10, 2024 Vietnam time) . If you do not withdraw all your BSV, Coinbase will liquidate any remaining BSV in your account.” [MEDIA=twitter]1721585359220568089[/MEDIA] Coinbase further mentioned that the liquidated funds will be converted to the cash equivalent market value of another digital asset, warning that they may be subject to taxes. This move by Coinbase is not entirely unexpected, as the exchange previously delisted BSV in 2021. The decision to remove BSV from its trading services was motivated by concerns about the stability of the blockchain , mainly due to the “51% attack” the network suffered. Despite the delisting, Coinbase still allows users to retain their BSV holdings in their wallets on the platform. Immediately after the news was announced, BSV dropped its price slightly and slid below 50 USD. Bitcoin SV, also known as Satoshi’s Vision, emerged in November 2018 due to a hard fork of Bitcoin Cash, a spin-off of the original Bitcoin blockchain. Currently ranked as the 53rd largest digital asset with a market capitalization of $967 million, Bitcoin SV has unique and controversial origins. Cryptocurrency developers claim that BSV is the “original Bitcoin,” with “SV” standing for “Satoshi’s Vision.” Such hard forks, where the blockchain splits into two, can occur due to upgrades or disputes between network developers. The cryptocurrency scene has seen many Bitcoin forks, but BSV is one of the most prominent and infamous alternatives. Notably, Bitcoin SV has received support from Australian computer scientist Craig Wright, who has made unverified claims that he is Satoshi Nakamoto, the anonymous creator of Bitcoin. Wright’s aggressive stance, including legal cases against exchanges like Coinbase and Kraken that questioned his identity, contributed to BSV being delisted from various platforms. [B]Source:[/B] [URL unfurl="true"]https://tradecoind2.com/coinbase-ends-bsv-support-completely-causing-price-to-slide-below-50/[/URL] [/QUOTE]
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