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Markets respond to Binance dumping BitcoinSV by dumping even harder

BitcoinSV is down over 20% since the delisting announcement

Binance confirmed it will delist controversial cryptocurrency Bitcoin Satoshi Vision (BitcoinSV) less than one day ago, but the move has already inspired other services to follow suit.

BitcoinSV’s price suddenly sank more than 7 percent following the announcement, from over $70 to below $65. Overnight, it never stopped dropping.

Current trade for BitcoinSV holds a touch over $56, a decline of more than 20 percent in the past 24 hours.

Binance (one of the most popular cryptocurrency exchanges in the world) will cease BitcoinSV trade and remove all markets on April 22, citing a failure to adhere to its “high level of standards.”

Exchange service ShapeShift quickly revealed it would stop supporting BitcoinSV in solidarity. Blockchain.com also said BitcoinSV would no longer be usable through its Blockchain Wallet platform by May 15.

Kraken, another leading digital asset exchange, opened a Twitter poll to gauge community support for (and against) removing BitcoinSV.

Binance CEO Changpeng Zhao had previously warned BitcoinSV (albeit publicly via Twitter), after pseudonymous cartoon space-cat “hodlonaut” was threatened with legal action for disputing the legitimacy of Craig Wright, one of the lead brains behind the BitcoinSV project (and self-professed Satoshi Nakamoto mastermind.)

BitcoinSV’s network has less than 500 nodes

As far as BitcoinSV’s blockchain goes, it seems the network is operating as usual. BitcoinSV’s overall hash rate has been effectively falling since last November, when it forked away from alternate cryptocurrency Bitcoin Cash. It seems that trend continues.

There are still less than 500 nodes on BitcoinSV’s entire network (Bitcoin has over 9,000), and roughly 60 percent of BitcoinSV’s hash rate is controlled by mining pools tied to CoinGeek (owned by Wright-supporting Calvin Ayre) and nChain (the BitcoinSV software firm founded by Craig Wright).

It should be noted the response hasn’t exactly been unanimous. Indeed, Seminal Hong Kong exchange OKEx confirmed it wouldn’t delist BitcoinSV right now. OKEx is rumored to have partnered with a blockchain startup to open a BitcoinSV-centric cryptocurrency exchange, Float SV.

Float SV will launch in April, although the exact timing will be adjusted forward if any major exchange delists Bitcoin (SV) [sic],” its founder recently wrote.

Circle’s Poloniex has been decidedly quiet amid the furore. Late last week, the service began allowing cryptocurrency traders to leverage their positions up to 250 percent. I wonder how those bets worked out.

Did you know? Hard Fork has its own stage at TNW2019, our tech conference in Amsterdam. Check it out.

Published April 16, 2019 — 10:03 UTC

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