The decision by Binance to dump Bitcoin SV has sent shockwaves throughout the crypto community. Times are reminiscent of the hash wars late last year that many industry observers attribute to the final dump which sent markets crashing to their lowest levels for 2018.
Divisions in the crypto-sphere are usually detrimental even if the intentions behind certain business decisions are righteous. While the highly vocal Binance chief, Changpeng Zhao, made good on his threat and delisted BSV yesterday, other exchanges including US based Kraken are still on the fence.
Rival exchange OKEx, currently the world’s largest by adjusted volume according to Coinmarketcap.com, has just announced that it has no intentions to delist Bitcoin SV. In an announcement today OKEx stated that it has “conducted a rigorous review on BSV in terms of technology development, liquidity, and compliance,” before adding “BSV currently does not meet our delisting criteria.”
Considering that Bitcoin SV (BSV) has been delisted from several exchanges recently, OKEx has conducted a rigorous review on BSV in terms of technology development, liquidity, and compliance.https://t.co/X0Gzs18Ir0
— OKEx (@OKEx) April 16, 2019
In a possible dig at its competitor, the post closed with the following statement;
“As a neutral platform, OKEx respects the efforts of all dedicated teams in advancing the technology of Bitcoin and has no inclination to certain technical directions.”
There has been a huge reaction on crypto Twitter to the decision with industry leaders including IOHK’s Charles Hoskinson, Erik Voorhees from ShapeShift and the Blockchain.com exchange also boycotting BSV.
Outspoken crypto pundit John McAfee joined the fray from is yacht in the Caribbean;
Enough is enough! There at least a dozen crypto adherents who know the true identity of Satoshi. I can assure you, 100%, it is NOT Craig Wright. This absurd claim of Craig’s is incomprehensible. Mr wright: Have you no shame? Seriously sir! Have you no shame?
— John McAfee (@officialmcafee) April 16, 2019
Most of the 25% that Bitcoin SV dumped following the Binance announcement has poured back into Bitcoin Cash which is the only altcoin making a gain today. Markets have reacted with a 3% slide as $6 billion left the space a few hours after the news broke and most crypto assets are still in the red during Asian trading this morning.
Binance has flexed its digital muscles and the crypto community has reacted. Whether this decision has been of benefit to the industry as a whole still appears to be a matter of opinion, and there are a lot of those floating around on social media today.
The above is to be considered opinion and not investment advice in any way, as an unbiased media, no one interferes with the Editorial content of CryptoInsider.com, writers have freedom to choose their own direction, members of Crypto Insider do not participate in trades based on content.
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