Binance, the largest cryptocurrency exchange by trading volumes, yesterday announced the delisting of Bitcoin SV after a heated exchange with Binance founder Changpeng Zhao. This has led to calls on other major exchanges to delist BSV (#delistBSV); Shapeshift and possibly Kraken will also delist BSV. In response, a major supporter of Bitcoin SV has partnered with the second largest cryptocurrency exchange OKEx to ensure Bitcoin SV trading pairs are maintained even if other major exchanges joins the #delistBSV train.
Jack C. Liu to launch Bitcoin SV based exchange in partnership with OKEx
Calvin Ayre, the billionaire owner of Coingeek and firm supporter of Bitcoin SV, has announced an alternative exchange for trading Bitcoin SV (BSV) even if Binance and other major cryptocurrency trading platforms delist BSV. The exchange named FloatSV which will become a “native exchange” for trading BSV was created on April 12, a day after CZ threatened to delist BSV. It promised to “deliver a real asset exchange experience.” It will, however not list “native tokens of other blockchains nor securities or STOs”.
BSV Exchange FloatSV launched in Partnership with OKEx
Following the threat, Jack C. Liu, the founder of RelayX, and advisor to the OK Group proffered a BSV based exchange. In a blog post, Liu noted that the exchange was developed in partnership with OKEx.
“The exchange is to be built on top of the OKNodes Program and brings his career full circle as he returns to the cryptocurrency giant as a partner; leveraging OKEx’s technology while bringing his own taste and values to the surface.”
Craig Ayre heralded the launch of the FloatSV saying, “this is a good time to open a Bitcoin SV exchange…just when one of the largest in Asia has kicked all the BSV customers to the curb over petulance.”
The BSV exchange which planned to go live in April promised to bring the launch forward if any major exchange delists BSV. Following Binance’s announcement, FloatSV is set to go live before Friday, April 19. New users can register using OKEx accounts.
Bitcoin SV (BSV) faces a real threat of Extinction
As Smartereum reported, researchers at BitMex found that BSV miners are running at a loss based on an estimated calculation between energy cost and mining revenue. “Based on our estimates and current coin prices, since the November 2018 split, Bitcoin Cash SV miners have accumulated gross losses of US$2.2m,” BitMex wrote in its report.
If the price stays low—and it seems it would—miners may be forced to leave the network due to unprofitability unless there are strong external motivations to stay. Those motivations, like external payment to make up for losses, may not be sustainable if BSV price does not rally.
Bitcoin SV Price Today — BSV to USD
At the time of writing, BSV has plunged 22% since the #delistBSV movement gained momentum yesterday ahead of the Binance delisting deadline. The 24-hour trading volume of BSV grew to almost $300 million, triple the amount on Sunday. Binance currently has the highest trading volume for BSV with about 13% of all BSV trades followed by OKEx with 9.19% of all BSV trades.