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Robinhood introduced that it’ll now not assist Bitcoin SV from January 25, sending the crypto sinking some 10%.
Robinhood emailed a statement to all its customers stating it has determined to finish assist for Bitcoin SV (BSV). The buying and selling platform mentioned it made the choice following a periodic assessment of the cryptocurrencies the platform affords.
Robinhood really useful its clients promote or, if attainable, switch their BSV by the cutoff date of January 25. After the deadline, the buying and selling platform mentioned it might promote any remaining BSV at market worth and credit score clients’ accounts.
BSV dip
BSV took a major dip following the announcement from Robinhood round 1 pm CET. The crypto dropped from simply above $44 to a low of $37.75 in three hours. Although up a bit since, BSV remains to be buying and selling under $40 and is down 11% previously 24 hours.
SBF’s Robinhood shares
Meanwhile, a good portion of buying and selling platform is caught up within the tribulations of former FTX chief Sam Bankman-Fried. Last 12 months, he purchased 56 million Robinhood shares, a 7.6% stake within the firm, for $648 million.
In spite of his earlier dedication to creating his former clients entire, Bankman-Fried insisted on preserving his Robinhood shares to pay his authorized charges. However, the US Department of Justice lately confirmed that it had seized his 55 million shares.
Disclaimer
BeInCrypto has reached out to firm or particular person concerned within the story to get an official assertion in regards to the current developments, but it surely has but to listen to again.
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