Bitcoin Cash (ABC) Jumps 15% As Capital Flows Out of BSV Following Binance Delisting

The cryptocurrency community is up in arms over recent controversy surrounding Bitcoin SV and its supporters.

The controversy was enough to cause leading cryptocurrency exchange Binance to delist the digital asset from its platform. Following the wake of the delisting, Bitcoin Cash, the blockchain Bitcoin SV was forked from, has surged as much as 15% as capital from one cryptocurrency flows into the other.

Bitcoin Cash Surges 15% As Bitcoin SV is Delisted From Binance

Today, Binance CEO Changpeng Zhao announced via Twitter that his exchange, one of the market leaders according to trading volume, will delist the 12th largest cap cryptocurrency, Bitcoin SV effective immediately.

The news sent the price of Bitcoin SV dropping as much as 7% as investors flee the asset for safer havens. Binance being among the top exchanges in the crypto industry, could cause a domino effect of exchanges delisting the crypto, lending to increased fears in those that hold Bitcoin SV.

Related Reading | Binance Delists Bitcoin SV, BSV Price Plunges in Minutes 

The resulting selloff has caused the price of Bitcoin SV to fall from around $70 to $65. Bitcoin SV, was the result of a hard fork of the Bitcoin Cash blockchain, which was a fork of the original Bitcoin.

While Bitcoin SV has dropped following the news, the price of Bitcoin Cash has spiked as much as 15%, as capital from Bitcoin SV investors cashing out flows back into Bitcoin Cash.

Bitcoin Cash is currently up over 300% from its 2018-2019 bear market low of $80. The crypto camp led by Roger Ver nearly doubled in value in just one day, following Bitcoin’s rally to $5,000 at the start of April.

Related Reading | 2019 Crypto Alt Season Kicks Off With Over 20 Altcoins Doubling in Value

Bitcoin SV, on the other hand, appears to be primed to set new all-time lows, as the current selloff intensity increases dramatically following the negative press and controversy.

As crypto analyst Luke Martin points out, assets need exchanges to survive, so the delisting of Bitcoin SV by Binance could theoretically deal a death blow to the crypto asset. Especially if a ripple effect by one of the industry’s leaders causes other exchanges to follow suit and delist the Bitcoin Cash fork.

Bitcoin SV stands for Satoshi’s Vision. Supporters of the cryptocurrency claim that BSV is the original true vision for Bitcoin.

A “war” between the Bitcoin Cash camp and Bitcoin SV supporters is said to be the black swan event that created such market turmoil, it led to a steep selloff in November 2018 that eventually took the price of Bitcoin and the rest of the crypto market to its bottom destination.

Featured image from Shutterstock

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