• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

Bitcoin SV Crashes 35% as Hype Fades: Can Bulls Save BSV’s Price?

Nick Chong by Nick Chong
3 years ago
in Cryptocurrency news
Reading Time: 2 mins read
Advertisement

Yesterday, on seeming news that Craig S. Wright, a purported Bitcoin creator, had access to an entire stash of the cryptocurrency, the Satoshi Vision variant of Bitcoin (BSV) rallied by over 145%. It surged from well under $200 to as high as $440 in 24 hours’ time.

This move allowed BSV to surpass the Cash fork in the cryptocurrency rankings, taking the fourth spot behind XRP, Ethereum, and Bitcoin (BTC).

The idea with this surge was that if Wright had access to a large sum of BTC, he could dump this sum of billions on the open market, presumably to benefit his fork of choice, BSV.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

But since the $440 peak, the altcoin has crashed, plunging by dozens of percent. Here’s why.

Bitcoin SV Crashes By 25% From Peak

As pointed out by prominent Bitcoin proponent Hodlonaut, who was last year targeted by Wright for his tweets regarding BSV, “the geniuses that bought the top of this […] BSV pump are already down 23%.”

Indeed, as of the time of writing this, BSV is changing hands for $310, 30% lower than the local high.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

While this has coincided with a slight retracement in the price of Bitcoin, the drop in the price of BSV seems to be based on some fundamentals or news events.

Yesterday, a document was published on CourtListener tied to the court case between the estate of Dave Kleiman, one of Wright’s business partners, and Wright himself, who again claims to be Bitcoin creator Satoshi Nakamoto.

The document, dated January 14th, said that “Dr. Wright notifies the Court that a third party has provided the necessary information and key slice to unlock the encrypted file, and Dr. Wright has produced a list of his bitcoin holdings, as ordered by the Magistrate Judge, to plaintiffs today.”

Many took this as a sign that Wright received the final key to a stash of cryptocurrency worth literal billions, leading to the market pump in the price of BSV along with other forks.

But according to further analysis of the document and quotes by former NewsBTC writer and now Decrypt Media Editor Tim Copeland, the document indicated that he got a list of Bitcoin addresses that purportedly contain his fortune, not the private keys that could theoretically access to addresses.

Everyone got the Craig Wright story backwards yesterday. CW said that a list of addresses would arrive, not the private keys. And the list of addresses arrived (supposedly). He didn't claim that he has received the fortune.

— Tim Copeland (@Timccopeland) January 15, 2020

This likely led BSV to drop.

Not to mention, Nicholas Merten, a popular cryptocurrency analyst and the founder of the YouTube channel DataDash, argued that the recent surge in the altcoin may be one based on questionable market activity, and thus may not last:

“Ignore the price moves of BSV. Only $35.6M of volume is from exchanges open to US traders. The other 99.4% of daily volume is made up of mainly no-name exchanges and known wash trading exchanges that still deceive this space. They can basically dictate a false price,” he noted.

Ignore the price moves of $BSV. Only $35.6M of volume is from exchanges open to US traders. The other 99.4% of daily volume is made up of mainly no-name exchanges and known wash trading exchanges that still deceive this space. They can basically dictate a false price.

— Nicholas Merten (@Nicholas_Merten) January 14, 2020

Others have echoed this, with Saunders of Nugget’s News arguing that  “History has not been kind to those who acted on emotion rather than rationale,” noting that the recent rally in the popular altcoin is seemingly one based on emotion and not on rational thought.

All this would suggest that unless there is further evidence that Wright has access to his purported fortune, buyers will not press Bitcoin Satoshi Vision higher in the short term.

Featured Image from Shutterstock
Tags: altcoinBitcoin SVBSVcryptocurrencymarket
Tweet123Share205ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Does the Crypto Market Have The Strength To Break To The Upside? QCP Capital Weighs In

Does the Crypto Market Have The Strength To Break To The Upside? QCP Capital Weighs In

8 hours ago
Bitcoin U.S. institutional investors

U.S. Institutions Are Driving Bitcoin Prices, Matrixport Research

9 hours ago
STEPN and SWEAT Surge as Move-to-Earn Returns, But This Project is About to Revolutionize the Sector

STEPN and SWEAT Surge as Move-to-Earn Returns, But This Project is About to Revolutionize the Sector

13 hours ago
Bitcoin

Bitcoin Exchange Outflows Reach Highest Value Since FTX Crash, Bullish?

13 hours ago
Investing in Cryptocurrency: What to Keep in Mind

Investing in Cryptocurrency: What to Keep in Mind

14 hours ago
Bitcoin Investors Turn Greedy For First Time Since March 2022

Bitcoin Investors Turn Greedy For First Time Since March 2022

16 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

The Meta Masters Guild Presale Generates $1.5 Million So Far With Price Hike of 23% in Next 48 Hours.

January 27, 2023

Top Experts Compare Treshold (T), BNB (BNB), and Snowfall Protocol (SNW) and Decide Which Is The Best – Find Out More!

January 27, 2023

PancakeSwap To Do a V3 Upgrade In 2023 According to Roadmap Update, Kava Gets Coinbase Listing, Snowfall Protocol Releases the Long-Awaited Snowfall DEX And Promises Another Huge Announcement A Week Before Launch— Is Snowfall Wallet Coming Early Too?

January 27, 2023

Litecoin (LTC) and Polygon (MATIC) Have Been Renowned IN The Past But It’s Time For A New Crypto Project To Take The Top Ranks: Snowfall Protocol (SNW)

January 27, 2023

Binance Coin (BNB) And Orbeon Protocol (ORBN) Speculated To Make Huge Gains In 2023

January 27, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.