Following the delisting of Bitcoin SV (BSV) by Binance exchange, leading cryptocurrency wallet Blockchain has also announced the withdrawal of support for BSV. This was announced today on the Blockchain website.
The announcement says all BSV holders on the wallet are to either swap with other cryptocurrencies or send to a different wallet. The Team said their decision is based on a careful following of BSV since its creation in 2018.
“We’re invested in the long-term health of the crypto ecosystem and are mindful to support cryptocurrencies that are reliable, safe, and convenient. Since January we’ve offered limited support for Bitcoin Cash SV (BSV) and have been closely monitoring activity of the BSV network since the hard fork in November,” the announcement added.
Meanwhile, Shapeshift exchange has also announced the delisting of the same cryptocurrency just a few hours after the Binance action, bringing the number of bad announcements to three in just a day. This may be marking the end for BSV as these are major players in the cryptocurrency industry and their actions mean the loss of millions of users.
Craig Wright is entirely to blame as it was his action against those who do not support his Satoshi claim that first led to the delisting on Binance. Although Blockchain did not clearly state that this is the case, it may be partly responsible.
Meanwhile, BSV is already feeling the heat of the drastic actions taken against it. Already the asset has lost at least 13% in the last 24 while its rival BCH is so far the highest gainer in the last 24 hours, gaining up to over 15% at a point.
With the current trends and the other actions to come, It will be safe to say that BSV is on its way down and may not recover and Craig Wright is 100% to blame for it. After Kraken, Which exchange or wallet will be the next to withdraw support for BSV?
More Bitcoin ATMs are being introduced by LibertyX as interest grows
- The company behind first launching Bitcoin ATMs in the United States, LibertyX to introduce more.
- LibertyX have announced they will add another 90 ATMs to its network.
LibertyX, the firm that launched the first Bitcoin (BTC) automated teller machine (ATM), in the United States, will be adding 90 new machines to its network.
The Boston-based firm will be partnering with independent ATM operator DesertATM, as part of the network expansion, as detailed within a report by global ATM market publication ATMmarketplace on July 18.
DesertATM will be uploading LibertyX on 90 of its Genmega ATMs to facilitate Bitcoin operations. In terms of the new Bitcoin ATM locations, these will be placed at; gas stations such as AMPM, ARCO & Chevron, as well as Family Dollar retail stores, as per the press release notes.
Bitcoin not yet banned in India, regulations around the corner
- The Minister of State to the Ministry of Finance told the upper house of the Indian Parliament, cryptos are not banned yet.
- The Minister, Anurag Singh Thakur, also stressed the need of creating a solution that caters to global regulators.
As per Anurag Singh Thakur, the Minister of State to the Ministry of Finance, holding or trading cryptocurrencies is not banned in India. During an address to the upper house of the Indian Parliament, Thakur stated that the Reserve Bank of India and the Ministry of Finance have issued notices regarding the use of Bitcoin and other similar coins:
“Presently, there is no separate law for dealing with issues relating to cryptocurrencies. Hence, all concerned Departments and law enforcement agencies, such as RBI, Enforcement Directorate and Income Tax authorities, etc. take action as per the relevant existing laws.”
The Minister’s response followed a recent report regarding an alleged crypto blanket ban draft which stated that the government would sentence crypto traders with a ten-year imprisonment.
In a separate letter addressed to the Ministry of Corporate Affairs, Thakur stated that an interministerial committee needs to create a solution that caters to global regulators:
“It is difficult to state a specific timeline to come up with clear recommendations. The Inter-Ministerial Committee (IMC) under the Chairmanship of Secretary, Department of Economic Affairs is examining all issues, including the pros and cons of the introduction of an official digital currency in India. No decision on licensing and authorizing any entity or company to operate such schemes or deal with Bitcoins or any virtual currency has been made as yet.”
Bitcoin price prediction: BTC/USD faces two healthy resistance levels on path back to $11,000
- BTC/USD is currently trading around $10,545.
- The two resistance levels are at $10,575 and $10,700.
BTC/USD had a bearish Friday where the price fell from $10,660 to $10,540. Bitcoin managed to have a bullish start to this Saturday and is currently trading for $10,545. The daily confluence detector shows two moderate-strong resistance levels at $10,575 and $10,700. On the downside, there are two support levels of note at $10,500 and $10,375.
BTC/USD daily confluence detector
The $10,575 resistance level has the 1-week Fibonacci 61.8% retracement level, while the $10,700 has the most substantial resistance level but no confluences has been detected. On the downside, the $10,500 support level has the 100-day simple moving average (SMA 100) and the 1-hour previous low. The $10,375 level possesses the 1-day Fibonacci 38.2% retracement level.