BSV saw a 5% drop on January 11.
The announcement of Robinhood’s de-listing contributed to BSV’s downward price movement.
Bitcoin Satoshi Vision [BSV] recently experienced an unexpected downtrend in price. The incident wiped out more than 5% of investors’ assets within 24 hours. Is the downward trend expected to continue, and if so, why?
How much are 1,10,100 BSVs worth today?
Robinhood halts trading BSV and is delisted along the way
The price of Bitcoin SV is on a downward trend as shown by a daily time frame chart. It is possible that prevailing market sentiment played a role, but more research suggests that there are other factors at play.
Stock and cryptocurrency trading platform Robinhood said on Jan. 11 that it would soon stop supporting Bitcoin SV and remove the token later in the month.
As per the latest Robinhood announcement, customers will no longer be able to trade, buy, or otherwise interact with Bitcoin SV starting January 25. After that time, any unsold BSV in customer accounts will be automatically sold and credited to their accounts.
A fork of Bitcoin Cash (BCH) resulted in Bitcoin SV, also known as “Satoshi’s Vision”. The larger block size, which leads to lower transaction costs, sets it apart from other variants of Bitcoin [BTC]like Bitcoin Cash [BCH].
Selling pressure spikes volume metric
According to Santiment’s volume statistics, there was a significant increase in transactions on January 11. The chart below revealed that over $77 million was traded during that period. This was the first time in the year that such a large number of transactions would be documented, making it particularly noteworthy.
Looking at the volume indicator on the price chart in more detail, selling pressure was predominant in transaction volume. BSV’s value fell as selling pressure mounted.
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BSV drops in a daily time frame
BSV’s daily timeline chart showed that the asset was currently in a bear trend due to the recession it was going through. An examination of the daily timetable chart showed that the line of the Relative Strength Index had deviated below neutral territory. The asset was trading around $41.4 at the time of writing, having lost about 1%.
This post Bitcoin Satoshi Vision is suffering a downtrend as Robinhood announces delisting plans
was published first on https://ambcrypto.com/bitcoin-satoshi-vision-suffers-downtrend-as-robinhood-announces-delisting-plans/