By CCN.com: Bitcoin SV (BSV) is off to a gloomy start this week as the cryptocurrency dips up to 33.78-percent over the past seven days.
The cryptocurrency hit a fresh yearly low Tuesday towards $54.53, down 21.46-percent with a market capitalization of $1 billion. The weekly drop trimmed circa $482 million off BSV market cap, making it the leading bearish asset throughout the entire crypto index. BSV dipped towards the oversold area, according to its daily Relative Strength Index (RSI) readings. At 30-RSI, BSV was only a small sell order away from sulking into an extremely bearish bias.
The BSV crash accompanied larger volumes, indicating that bears were dumping the asset at large in large. The move pushed the asset towards a new 2019 low.
The crash follows a long history of bickering between the Bitcoin SV supporters and their counterparts in the rest of the cryptocurrency space. The BSV founder, Dr. Craig S Wright, claimed that he was the Satoshi Nakamoto, the anonymous creator of the Bitcoin payment protocol. The Bitcoin community asked for the proofs. Dr. Wright didn’t provide them. The Bitcoin community called him a liar for years. And Dr. Wright planned to take his revenge by launching defamation lawsuits against his critics.
The personal threats didn’t go well with the cryptocurrency community. Changpeng Zhao, the CEO of Malta-based Binance crypto exchange, eventually delisted Bitcoin SV from their trading platform. What followed was a series of similar actions. Shapeshift CEO Erik Voorhees stated that they would remove Bitcoin SV from their platform by coming Wednesday. Blockchain, a crypto wallet service, discontinued support for BSV tokens. US exchange Kraken is close to taking the same action against Dr. Wright’s project.
The online campaign against Bitcoin SV, supported by #delistBSV, also picked momentum in the past seven days. According to data provided by HashTagify, the hashtag trend was surging without breaking a sweat.
Overall, the fundamentals suggest that Bitcoin SV price will dive further in the coming days. BitFinex, Kraken, Bittrex, and Huobi are the only crypto exchanges that are offering BSV trading at the time of this writing.
Last modified: March 4, 2021 2:44 PM