Robinhood ends support for Bitcoin SV, sending the crypto way down

Bitcoin SV (BSV-USD) gapped down by as a lot as 20% in Wednesday buying and selling as retail buying and selling app Robinhood Markets (NASDAQ:HOOD) mentioned it determined to finish assist for the cryptocurrency.

Customers can maintain buying and selling, transferring and holding BSV till the January 25 deadline, in line with an replace on Robinhood’s web site issued following an ordinary evaluation of the cryptos it gives.

Any BSV nonetheless in customers’ Robinhood Crypto account after the deadline will probably be “offered for market worth and the proceeds will probably be credited to your Robinhood shopping for energy,” it mentioned. HOOD didn’t specify the rationale behind ending assist for BSV.

Like most main cryptos, BSV, the forty ninth largest token by market cap, dropped some 65% prior to now yr within the wake of a protracted bear market. Regardless of a risk-on day, BSV was off 13.3% altering palms at $38.91 at 2:42 p.m. ET.

Robinhood (HOOD) has deep ties to the crypto ecosystem apart from the crypto-related companies it gives to retail merchants. Co-founders of failed crypto change FTX (FTT-USD) reportedly borrowed $546M from sister buying and selling agency Alameda Analysis to purchase a 7.6% stake in HOOD final yr.