In an unprecedented move, two major cryptocurrency exchanges have announced that they are removing Bitcoin SV (BSV) from their platform. The news is the latest salvo in the ongoing feud between BSV proponents Craig S. Wright (CSW), Calvin Ayre on one side and several cryptocurrency stakeholders on the other.
Cryptocurrency Exchanges Dump BSV
Binance and ShapeShift have removed Bitcoin SV from their catalog of supported cryptocurrency tokens. The announcement by both platforms came within hours of each other.
Image courtesy of Twitter (@binance).
Reports indicate that Kraken might follow suit with platform CEO Jesse Powell asking the cryptocurrency Twitter community if the company should join the movement.
Binance CEO, Changpeng Zhao had threatened to delist BSV following the antics of CSW and Ayre against dissenters who dispute the CSW’s claim to being Satoshi Nakamoto; the Bitcoin (BTC) creator.
Many in the cryptocurrency industry debunk Wright’s assertion that he is Satoshi Nakamoto, with some even going further to call him “Faketoshi.”
Recently, both CSW and Ayre have been issuing threats of lawsuits against people who call CSW a fraud. One incident, in particular, seems to have caused a whirlwind of reactions within the community.
Hodlonaut a popular Bitcoin enthusiast on Twitter had on several occasions described as fraudulent, CSW’s claim of being Nakamoto. In response, Wright’s legal team reportedly bullied Hodlonaut into deleting the Twitter account out of fear of a lawsuit.
Ayre, the billionaire BSV supported also placed a $5,000 BSV bounty on Hodlonaut, which many in the community to rally in defense of Hodlonaut.
Bitcoin SV Price Plummets
Since the announcement, BSV has plunged by almost 15 percent and looks in danger of sliding to its lowest level in 2019. Back in early February, BSV fell below $60 to reach $58 before rallying upwards.
Image via CoinMarketCap.com
For most of 2019, Bitcoin SV has been in decline while Bitcoin Cash continues to soar in the price charts. Despite the fact that altcoins have been enjoying a resurgence during 2019’s altseason, BSV has failed to experience any sustained price growth.
Even the Bitcoin surge of early April 2019 that formed a tailwind for the altcoin market wasn’t enough to kickstart a long-lasting bull rally. After surging 40 percent in the wake of the initial BTC price increase, BSV has managed to retrace all of those gains.
BSV also has a major problem with its liquidity, having one of the lowest trading volumes among the top 20 altcoins. Perhaps the BSV will have to look towards the newer generation of exchanges like Rubix since the established ones seem intent on blacklisting the altcoin.