Just as expected, most crypt markets have turned bearish again. The latest plunges came as a direct result of Bitcoin losing value yet again. Since Bitcoin is the major token by market capitalization, any problems with it spread to almost all other alternative crypto markets. For now, it seems like the Bitcoin SV price is receiving the worst battering. Its value was seen to drop below $60 rather rapidly.
The Steep Descent
Ever since it was developed, Bitcoin SV has always remained controversial quite often in quick succession. Many investors and the crypto community at large think that it is a ‘shitcoin.’ However, that perception has never prevented the project to enjoy a few successes along the way. Nonetheless, the positive momentum seems to be fading rapidly with a genuine “DelistSV” campaign happening in the industry currently.
Due to that campaign, the BSV price collapsed massively as expected. At some point, the crypto lost 22% in USD value. Currently, one BSV is trading around $56.64. Also, there is a 20.62% loss in BSV/BTC with the ratio plunging to 0.011 Bitcoin. None of these trends seem appealing and the genuine pressure may persist for long periods.
Currently, many exchange platforms have now delisted BSV which is expected to exert more pressure on the prices in the near future. The big news on social media is how Binance has delisted Bitcoin SV as a trading market. The delisting was never caused by a network issue or a client update. Instead, it happened since the delisting campaign show seemingly ran its course.
— Binex News (@BinexNews) April 16, 2019
ShapeShift confirmed that they will remove BSV from their platform later today. Not all exchanges and trading platforms will delist the altcoin right away. However, it creates an interesting point of discussion with regards to the general crypto space.
Some individuals are targeting others who appear to stand by Bitcoin SV. Some ardent supporters are victims of mockery for defending the token even during its turbulent moments. It is true that nobody can prevent traders from selling BSV on crypto exchanges except the exchanges themselves. The same exchanges are continuously delisting the BSV trading market.
— Nguyen Loc (@locnguyencrypto) April 16, 2019
An interesting week is coming but the outcome is most likely not expected to please everyone. Some investors like Vegard Wikeby are not bothered by the latest delisting developments. Instead, he proposes a solution to curb the current delisting process. He suggests the launch of a North American Bitcoin BSV Exchange only with USD, CAD, and MXN trading pairs. Such a platform would be an intriguing development.
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
Whether the launch of such a platform can happen and be successful, is quite a different matter altogether. When looking at the bigger picture, any hopes of improvement for Bitcoin SV in the coming hours seem unlikely.
A22% plummet is a major setback and it may worsen in very quick succession. Although the trading volume looks health, the market cap of BSV has currently dropped below $1billion. A lot of market momentum is coming up and for now, it is not clear how things will evolve eventually.