It’s official. Bitcoin SV (BSV) is set to be delisted from Kraken, with the move based upon both voting and popular request. Kraken is currently the third key exchange service to delist Bitcoin, following the same move by Binance and Shapeshift. The push to delist the cryptocurrency increased following an attack on Twitter user @Hodlonaut, where popular blog Coingeek published an write-up asking for the doxxing of the nameless user.
The hunt for the actual identity of @Hodlonaut was connected to the endeavor of Dr. Craig Wright to file suit the individual for rattling claims that Wright is in fact Satoshi Nakamoto. The Bitcoin delistings triggered the displeasure of Calvin Ayre, creator of Coingeek. Following the Binance delisting, Ayre accused the exchange for supposed deceptive conduct.
Ayre additionally called for the filing of class action legal action against Kraken, for shutting down the e-wallets for withdrawals, hence pulling back a potentially valuable electronic asset. Possessing BSV on exchanges could have become incredibly hazardous following the delisting. For the time being, it is not known when Kraken will permit clients to withdraw their BSV.
After the three delistings, the BSV market value was dropping quickly. BSV dropped to $55.66 from recent highs over $80, with a continuing downtrend in the past few days. For the moment, the price has been able to pull through, but the push is on to carry on with delisting the digital asset.
BSV had laid claim to being the “real” Bitcoin, after making a decision not to remain competitive against Bitcoin Cash (BCH). After that, the network began to draw in miners and analyzed the largest feasible blocks to be allocated. The Bitcoin SV system is crafted on the idea of well-known mining entities, rather than voluntary decentralized mining.
In a move of retaliation or possibly just coincidence, one of the biggest exchanges in Japan, SBI Virtual Currency, also intends to delist BCH, stating reasons such as risk and lack of stability. A related hashtag campaign has been seen on Twitter, connected to BCH in general, asking for the eradication of the digital asset from all major exchanges.
BCH and BSV have both triggered problems within the cryptocurrency markets following the hard fork noted on November 15th. This could have generated a significant drop in value in the final two months of the year, heightening the bear market. The war against BCH has lead to a swift drop in prices, as the BCH asset shed as much as 40% of its total value in one night. Since that time, BCH has been struggling to push back to the $400 level, and has remained generally under the $300 mark.