Bitcoin SV (BSV) Price Spikes Another 19% But Nobody Knows Why

Journalist:
June 3, 2019

By CCN: Price of Bitcoin SV (BSV) is climbing higher despite carrying the most unfavourable fundamentals on its shoulders.

The BSV-to-dollar exchange rate today rose 19-percent and established a fresh intraday high at $194.90 on Huobi. That took the pair’s net 23-day rise to more than 260-percent, adjusting its year-to-date gains to more than 160-percent on the whole. The past 24 hours alone witnessed BSV posting 11.57-percent gains against the US dollar. At the same time, the digital asset appreciated by more than 13-percent against bitcoin, its main rival, as the latter underwent a downside correction.

Meanwhile, the cryptocurrency’s market capitalization rose by another $41 million; it is now sitting at $3.751 billion.

BITCOIN SV (BSV) keeps mooning despite unfavorable sentiments | Source: COINMARKETCAP.COM

The 24-hour adjusted timeline also recorded $844 million worth of volume in Bitcoin SV-enabled markets. South Korean cryptocurrency exchange noted the digital asset exchanging considerable hands from/to South Korean Won — the local fiat currency. Nevertheless, it was the Tether’s stablecoin USDT that appeared to have got dumped the most for Bitcoin SV, after posting around 49-percent of the net BSV daily volume.

Shady as Ever

Nobody knows what has pumped the Bitcoin SV price valuation by more than $2.5 billion since May 20. The first of the firsts upside break appeared in the wake of a fake hype. Dr. Craig S Wright, the founder of Bitcoin SV project, and who has been continuously contesting that he is the man behind the pseudonymous identity Satoshi Nakamoto, the original creator of the Bitcoin protocol, earned a US copyright claim over the bitcoin whitepaper.

Calvin Ayre, the founder of Bitcoin SV mouthpiece CoinGeek, projected the event as proof that Dr. Wright is Satoshi. The BSV-to-dollar exchange rate surged more than 118-percent on the day. Nevertheless, a press release issued by the US Copyrights Office later clarified that they did not verify Dr. Wright’s claim.

The BSV price corrected to the downside by as much as 36-percent. But, it underwent a sharp pullback later and jumped another 198-percent — again, because of fake news.

As CCN reported, scammers impersonated Coinbull, a Chinese news website, to spread a piece of false information, stating that Dr. Wright has transferred around 50,000 BTC from the wallet that belonged to Satoshi Nakamoto to Binance, an exchange that had earlier delisted Bitcoin SV. The false alert prompted the Bitcoin SV price to jump aggressively and establish its all-time high at $254.

Who is Pumping Bitcoin SV price

The upside price moves kept appearing despite a growing resonance against Dr. Wright and Ayre in the cryptocurrency community. Nevertheless, they both lately appeared in a string of pro-Bitcoin SV conferences which might have attracted a few rich bagholders to buy BSV at large.

It does not change the fact that Bitcoin SV remains bleaker than Bitcoin in terms of daily transactions count, median transaction value, and active regular addresses.

This article was edited by Samburaj Das.

Yashu Gola @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.