The cryptocurrency market witnessed significant turbulence on April 16, 2019, as the fallout from Binance’s decision to delist Bitcoin SV (BSV) sent shockwaves through the altcoin space. BSV plunged 22% to approximately $57, while the broader market showed mixed signals — Bitcoin held steady above $5,000 and select altcoins posted modest gains.
TL;DR
- Binance delisted Bitcoin SV on April 15 after CEO Changpeng Zhao publicly called Craig Wright a “fraud”
- Kraken followed suit on April 16, announcing it would also delist BSV
- BSV crashed 22% to the $57 level following the delisting announcements
- Bitcoin held above $5,000, with BTC trading at $5,190 on major exchanges
- Ethereum gained 3.6% to $165, while most other altcoins posted slight declines
The Binance Bombshell
On April 15, 2019, Binance — the world’s largest cryptocurrency exchange by trading volume — announced it would delist Bitcoin SV, effectively removing the controversial fork from its platform. The decision came days after Binance CEO Changpeng Zhao publicly denounced Craig Wright, the self-proclaimed Satoshi Nakamoto and chief proponent of Bitcoin SV, as a “fraud.”
The delisting was not merely a business decision. It represented a rare instance of a major exchange taking a principled stand against what it perceived as dishonest behavior in the cryptocurrency community. Wright had been aggressively threatening legal action against individuals who disputed his claim to be Bitcoin’s pseudonymous creator, including issuing legal notices to prominent community members.
Kraken Joins the Delisting Wave
The momentum against BSV did not stop with Binance. On April 16, Kraken — one of the oldest and most respected cryptocurrency exchanges — announced it would also delist Bitcoin SV. The exchange disabled BSV deposits effective April 22, giving users a window to withdraw their holdings before the token’s full removal from the platform.
The coordinated delisting by two of the industry’s most prominent exchanges sent a clear message: the cryptocurrency community would not tolerate what many perceived as fraudulent claims and intimidation tactics. The speed with which multiple exchanges acted underscored the industry’s capacity for self-regulation in response to bad actors.
Market Reaction: BSV Craters While BTC Holds Steady
The market impact was immediate and severe for BSV holders. The token crashed 22% in a single day, falling to the $57 level. However, the broader cryptocurrency market proved remarkably resilient. According to Kraken’s daily market report for April 16, total trading volume across all markets reached $98.8 million, with Bitcoin trading at $5,190 — up 3.68% on the day.
Ethereum also showed strength, gaining 3.61% to trade at $165.40. Litecoin climbed 5.13% to $80.81, while Bitcoin Cash (BCH) was the standout performer among major caps, rising 2.63% to $318. The performance of BCH was particularly notable given its own contentious history — it appeared that capital was rotating out of BSV and into BCH as traders repositioned.
Altcoin Performance: A Mixed Bag
While Bitcoin and Ethereum posted gains, the broader altcoin market told a more nuanced story. XRP edged up 2.37% to $0.3241 but remained trapped in the $0.30–$0.34 range it had occupied for several months. EOS gained 3.39% to $5.49, and Cardano (ADA) rose 2.46% to $0.0830.
Smaller market cap tokens told a different tale. IOST dropped 9%, IOTA fell 2%, and several other mid-cap projects posted losses. The overall picture was one of selective buying — traders were consolidating positions in established names while reducing exposure to riskier assets amid the BSV controversy.
Why This Matters
The BSV delisting saga of April 2019 represented a watershed moment for the cryptocurrency industry. It demonstrated that exchanges — the gatekeepers of crypto liquidity — were willing to take decisive action against projects whose behavior they deemed detrimental to the ecosystem. The event also highlighted the growing maturity of the market: despite the dramatic delisting of a top-ten cryptocurrency by market cap, Bitcoin and Ethereum both posted gains, suggesting that investors were increasingly differentiating between individual project controversies and the broader crypto thesis.
For Bitcoin SV, the delisting marked the beginning of a prolonged decline in both market value and industry relevance. For the broader market, the events of mid-April 2019 served as a reminder that credibility and community trust remain among the most valuable assets in the cryptocurrency space.
With BTC holding firm at $5,235 and ETH at $167 according to CoinMarketCap data, the market’s structural uptrend from its late-2018 lows appeared intact, even as individual projects faced the consequences of governance failures and credibility gaps.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Always conduct your own research before making investment decisions.
CZ calling wright a fraud publicly and then delisting was the most based thing binance ever did. no corporate speak, just action
exchanges taking a principled stand was rare then. kraken following binance within 24 hours showed the whole industry was done with the fake satoshi nonsense
BSV to 57 in a single day. craig wright suing everyone who said he wasnt satoshi and then this happens. karma moves fast in crypto