The Bitcoin Cash price (BCH/USD) has experienced a big boost following news of Binance delisting Bitcoin SV from its crypto trading platforms.
Bitcoin Cash had a strong start to yesterday’s session, with its price rising to around $305, from an opening level of $288.09. The coin spent rest of the morning session defending the $300 mark and then saw a second, larger price jump in the afternoon. The coin rose to a near five-month high of $332.28, as a result of the surge and eventually finished the session at $314.12.
BCH’s spike was most likely triggered investors exiting its rival Bitcoin SV (BSV) following Binance’s decision to delist the crypto asset from its platforms. The digital currency exchange announced yesterday:
“At Binance, we periodically review each digital asset we list to ensure that it continues to meet the high level of standard we expect… Based on our most recent reviews, we have decided to delist and cease trading on all trading pairs for [Bitcoin SV]”.
Bitcoin SV (Satoshi’s Vision) came into existence following a contentious hard fork that occurred on the BCH blockchain last November. The hard fork is regarded by many as the primary reason for the market-wide crypto slump that marked the final weeks of 2018.
The news led to a big sell-off of BSV, with investors presumably putting their money in other crypto assets, including BCH. Further supporting this is the fact that BCH saw a big increase in market activity, with the coin’s daily trading volume surging to almost $2.5 billion on Monday, from less than $1 billion in the preceding session.
In today’s trading, the Bitcoin Cash price stood at $319.33, as of 10:01 BST. At the same time, Bitcoin SV was trading at $56.41, having lost 21.4% of its value over the past 24 hours, according to data from digital currency tracker Coinmarketcap.