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Bitcoin SV (BSV-USD) gapped down by as much as 20% in Wednesday trading as retail trading app Robinhood Markets (NASDAQ:HOOD) said it decided to end support for the cryptocurrency.
Users can keep trading, transferring and holding BSV until the January 25 deadline, according to an update on Robinhood’s website issued following a standard review of the cryptos it offers.
Any BSV still in users’ Robinhood Crypto account after the deadline will be “sold for market value and the proceeds will be credited to your Robinhood buying power,” it said. HOOD did not specify the reason behind ending support for BSV.
Like most major cryptos, BSV, the 49th largest token by market cap, dropped some 65% in the past year in the wake of a prolonged bear market. Despite a risk-on day, BSV was off 13.3% changing hands at $38.91 at 2:42 p.m. ET.
Robinhood (HOOD) has deep ties to the crypto ecosystem other than the crypto-related services it offers to retail traders. Co-founders of failed crypto exchange FTX (FTT-USD) reportedly borrowed $546M from sister trading firm Alameda Research to buy a 7.6% stake in HOOD last year.
