In a note to its users yesterday, Coinbase announced that it finally made the Bitcoin SV balances available for withdrawal. This headline makes the crypto news today, especially because users have been complaining for months about their Bitcoin SV and the inability to withdraw their altcoin holdings.
Meanwhile, Bitcoin SV peaked after its launch and went over $200 and has since then been in a steady decline. The Coinbase announcement and Waves Platform (which announced the same thing) made the BSV price drop even more, falling to $62.89 at press time in a 1.13% drop over the past few hours.
As Coinbase’s note reads:
“The competing chain, known as Bitcoin SV, resulted in a forked coin now commonly referred to as BSV. When the hard fork occurred, the BSV blockchain used the amount of BCH associated with an address at the time of the fork to determine the amount of BSV that would be allocated to the parallel address on the BSV blockchain.
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As such, the amount of BSV now available in your Coinbase.com account is the same as the amount of BCH that was in your Coinbase (Coinbase.com and Coinbase Pro) account at the time of the hard fork.”
With this, the exchange made it clear that they will not be facilitating the trading, buying or selling Bitcoin SV. The decision seems set in stone right now.
According to many analysts, now is the right time to watch the Bitcoin SV market and see how it performs when its investors’ hands are untied. A potential opportunity to buy this altcoin for cheap may be upcoming.
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