Bitcoin SV (BSV) Jumps 15% with Investors Sold on Financial Times Coverage

June 13, 2019 09:55 UTC

By CCN Markets: Bitcoin SV price (BSV) jumped massively on Thursday as investors took cues from the project’s mention in a Financial Times report.

The BSV-to-dollar surged by more than 15-percent to establish an intraday high of $219. That brought the pair’s weekly gains up by approx 19-percent, indicating a favorable bullish revival after last week’s depressive performance. As of 0930 UTC, Bitcoin SV was trading at $212.52 on Bittrex exchange, with its market capitalization lurking around $3.78 billion. At its highest, the BSV net valuation was $4.198 billion, per the data available at CoinMarketCap.com.

Bitcoin SV (BSV) Rises 15% in a Day | Source: CoinMarketCap.com

The Bitcoin SV’s upside action majorly appeared in the wake of a wider intraday bullish sentiment noted across the cryptocurrency market. Leading coins, including bitcoin, Ethereum, XRP, and Binance Coin, witnessed gains between 2-5 percent. Nevertheless, the profits noted in the Bitcoin SV exceeded those recorded by other coins, partially owing to a Financial Times coverage.

Limelight

FT Alphaville reporter Izabella Kaminska yesterday covered a particular segment on bitcoin’s higher transaction fee, in which she criticized Segregated Witness (Segwit), a bitcoin core update proposed to reduce transaction fees reducing the bitcoin’s block size. The correspondent backed her claims by taking in statements from Dr. Craig S Wright, the founder of Bitcoin SV and hardcore critic of Bitcoin Core developers.

“Bitcoin is not anonymous and cannot be anonymous. There are people in Core who want to create a system that does not maintain logs. Hence SegWit,” Dr. Wright said.

Dr. Wright, who has been claiming that he is Satoshi Nakamoto, the real creator of bitcoin, for years without proofs, utilized the limelight to project Bitcoin SV as the original bitcoin. Calvin Ayre, the founder of Bitcoin SV mouthpiece website CoinGeek, used Dr. Wright’s mention to further the pro-BSV propaganda.

Bitcoin SV Outperformed Other Cryptocurrencies Following FT.com Report | Source: Calvin Ayre’s Twitter Handle

Ayre continued his anti-Segwit rants in more tweets published afterward. Whether or not it helped to convert a section of cryptocurrency followers into Dr. Wright’s pupils cannot be known. Overall, the move indeed prompted individual traders to hedge their capital into BSV. But for how long they would hold it is a thing best left for the future to show.

This article was edited by Samburaj Das.

Last modified: June 13, 2019 09:33 UTC

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@whoisyashu

New Delhi-based Yashu Gola has been working as a cryptocurrency analyst/journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.