Bitcoin Satoshi Vision Faces Downtrend as Robinhood Announces Delisting Plans

  • BSV saw a 5% decline on January 11th.
  • Robinhood’s announcement of delisting plans contributed to bearish price action for BSV.

See Bitcoin Satoshi [BSV] It has experienced what could be considered an unexpected downward trend in prices recently. More than 5% of the investors’ assets were wiped out within 24 hours due to the event. Is the downtrend expected to continue, and if so, why?

What is 1,10,100 BSV worth today?

Robinhood stops BSV trading, writes off

Bitcoin SV price has been in a downtrend as seen on the daily chart. It’s possible that market sentiment played a role, but more research suggests that additional factors are at play.

Stock and cryptocurrency trading platform Robinhood said on January 11 that it will soon stop supporting Bitcoin SV and will remove the token later this month.

According to Robinhood’s recent announcement, as of January 25th, customers will no longer be able to trade, buy, or otherwise transact with Bitcoin SV. After that time, all unsold BSV in customers’ accounts will be sold and credited to their accounts automatically.

The Bitcoin Cash (BCH) fork resulted from Bitcoin SV, often known as the “Satoshi Vision.” The larger block size, which leads to lower transaction costs, sets it apart from other variants of Bitcoin [BTC]Like Bitcoin Cash [BCH].

High volumetric sales pressure

According to Santiment’s volume measurement, there was a significant increase in the number of transactions on January 11. The chart below showed that more than $77 million was traded during that time frame. This was the first time in the year that such a large number of transactions had been documented, which makes it particularly noteworthy.

Looking in more detail at the volume indicator on the price chart, selling pressure was prevalent in transaction volume. BSV declined as selling pressure became more common.

Source: feeling

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BSV is declining on a daily time frame

The daily time frame chart for BSV showed that the asset is currently in a downtrend due to the decline it experienced. An examination of the daily chart showed that the RSI line has deviated below the neutral range. The asset was trading at around $41.4 at the time of writing, having fallen around 1%.

Bitcoin Satoshi Vision (BSV) price

Source: TradingView

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