Bitcoin SV Drops $300 Million in Market Capitalization Amid Community Backlash

Bitcoin SV (BSV) has shed more than $300 million in market capitalization following a backlash in the cryptocurrency community against the actions of two of its staunchest proponents – Calvin Ayre and Craig S. Wright (CSW). This decline comes immediately following the decision by major cryptocurrency exchanges to delist BSV.

Bitcoin SV Hemorrhage Continues

Data from CoinMarketCap shows that BSV has lost over $300 million in market capitalization within the space of two days. As a result, Bitcoin is no longer among the class of altcoins valued at $1 billion or more.

BSV has also fallen out of the top ten cryptocurrencies ranking and now sits in 14th position. If the current market cap hemorrhage continues, bitcoin SV could fall outside the top 20 regions.

So far @CalvinAyre's threat to bankrupt @PeterMcCormack has cost BSV $300mn! I wonder who is bankrupting who here! pic.twitter.com/amRJ0MoFdM

— Ran NeuNer (@cryptomanran) April 16, 2019

The BSV price is now at its lowest level since the start of the year and may even set a new all-time low if it continues to slide downwards. The bitcoin cash (BCH) fork has declined by more than 14 percent in the last 24 hours. BSV has also lost ground against bitcoin by close to 13 percent within the last 24 hours.

BSV miners are also not left out of the altcoin’s misery as a recent report by BitMEX Research shows that they haven’t turned in a profit in the five months since bitcoin SV came into existence, more than five months ago.

According to the research report, BSV miners have incurred a total loss of $2.2 million mining on the BSV blockchain which corresponds to a 12 percent loss margin. The BitMEX researchers did, however, state that their analysis only took into consideration mining cost and electricity tariffs.

Based on our estimates and current coin prices, since the November 2018 split, Bitcoin Cash SV miners have accumulated gross losses of US$2.2m (a negative gross profit margin of 12%). This is accounting for mining electricity costs onlyhttps://t.co/U9hbK4peip pic.twitter.com/LE5elvKDge

— BitMEX Research (@BitMEXResearch) April 12, 2019

Delist BSV Gathering Steam

While BSV hasn’t been enjoying a positive price performance in 2019, the current downward slide appears due to the community backlash against Ayre and CSW. On Monday (April 15, 2019), Binance announced that it was removing bitcoin SV from its supported cryptocurrency tokens.

The decision by Binance was a follow up of the threat issued by company CEO, Changpeng Zhao, as previously reported by BTCManager. ShapeShift also followed suit by announcing the delisting of BSV from its platform.

Supporters of the “delist BSV” movement say such actions signify a repudiation of Ayre’s and CSW’s perceived bullying of dissenting voices. The entire matter came to a head when CSW forced a popular Twitter account called Hodlonaut to recent statements calling CSW a fraud for claiming to be Satoshi Nakamoto; the Bitcoin creator.