, 2023-01-11 13:11:27,
On a somewhat mixed day for the crypto market, several cryptocurrencies fell for an array of different reasons, which isn’t always the case in the crypto industry, where the price of Bitcoin (BTC 0.34%) typically drives much of the action.
Since late afternoon Tuesday, the price of Solana (SOL -3.45%) was down by about 4.3% as of 1:40 p.m. ET Wednesday. Meanwhile, the price of Bitcoin SV (BSV -11.99%) traded roughly 9% lower, while the price of Sandbox (SAND -3.21%) was down about 4.5%.
Popular online brokerage Robinhood (HOOD 0.34%) announced Wednesday that it would end its support for Bitcoin SV on Jan. 25 just before 7 p.m.
Bitcoin SV was created after a hard fork from Bitcoin Cash (BCH 0.06%), which itself had done a hard fork from the original Bitcoin. The hard fork for Bitcoin SV was intended to try and replicate the original Bitcoin protocol. Robinhood did not specify why it would no longer support the token, simply saying: “We regularly review the crypto we offer on Robinhood. Based on our latest review, we’ve decided to end support for Bitcoin SV.”
Robinhood does engage in a thorough vetting process of the cryptocurrencies offered on the platform, mainly with the goal of ensuring that it’s not listing unregistered securities. While I don’t know if that is the reason it’s removing the Bitcoin SV token, the action does make me think the company has some kind of regulatory concern.
While I can’t say with certainty…
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