Tuesday, June 25, 2019

Cryptocurrency Exchange Delists Bitcoin Cash for Decrease in Market Cap

A number of cryptocurrency exchanges have threatened to delist Bitcoin SV (BSV), a hard fork of Bitcoin cash (BCH). However, the recent events surrounding Dr. Craig Wright’s legal threats to those who say he is not Bitcoin’s creator may have triggered another attack. This time around, SBI virtual currency, a licensed cryptocurrency exchange in Japan delisted Bitcoin cash on April 16.

Binance, Blockchain.com, and Shapeshift Will Delist Bitcoin SV

Binance, Blockchain.com, and Shapeshift are some of the cryptocurrency platforms that have outrightly stated that they will delist Bitcoin SV. Kraken, another exchange recently concluded its poll where 71% of respondents out of 70,545 voters agreed that BSV should be delisted on its exchange. The exchange on April 16 concluded that based on the result, it will also delist BSV on April 22.

While each of these was triggered by Craig Wright’s legal papers to Hodlonaut, Peter McCormack, and other members of the cryptocurrency community, Bitcoin cash may have also been affected by it.

On April 16, Koji Higashi, a cryptocurrency enthusiast tweeted that SB virtual currency has delisted Bitcoin cash. According to the user, the removal may have been caused by its close relationship with nchain and Bitcoin SV, projects which Craig Wright is also involved in. More tweet in that direction revealed why the virtual asset was actually delisted.

SBI Issues Offical Statement Why it Delisted BCH

In its official statement on April 16, SBI virtual currency listed three major reasons why BCH was removed. They are “A significant decrease in the market cap of Bitcoin Cash,” “A high possibility of a 51% attack,” and “It is impossible to completely deny the possibility that the price will fall sharply following the hard fork.”

Like BSV which was delisted, it could impact on its price temporarily. In the case of the latter, Binance’s publication on April 15 that it will delist BSV negatively impacted on its price. From $90 prior to the news to $55 after the announcement. Obviously, hodlers of the coin began to dump it for other cryptocurrencies.

Other Forks of Bitcoin Could Potentially be Impacted Upon

Asides from BCH and BSV, the current controversy could potentially impact on other forks of Bitcoin. Hodl van Naut, a Twitter user, for instance, recommended that exchanges change the name of coins forked from Bitcoin which still have the name “Bitcoin” tied to it. In their opinion, these assets have nothing to do with Bitcoin and as such, should not be using its name.

Be that as it may, if you haven’t been following the latest trend on Twitter, it is one where a majority in the community are against Craig Wright for his actions. And to think that this all began when he claimed to be Satoshi Nakamoto, Bitcoin’s creator and even dragged the matter to court for those who dared to dispute his claim.

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