Bitcoin SV is crashing after the hype of the past few days
Yesterday, when the news appeared that Craig S. Wright, the alleged Bitcoin inventor, should have access to the Tulip Trust, Bitcoin Satoshi Vision (BSV) went over %). The cryptocurrency rose within 24 hours below 200 dollars up to 440 dollars.
This move allowed BSV to catch up in the crypto ranking and take fourth place behind XRP, Ethereum and Bitcoin (BTC).
The idea of the increase was that if Wright had access to a large amount of BTC, he could sell that amount on the open market, presumably to favor his preferred coin. But since the 440 – dollar high, the altcoin has crashed.
Bitcoin SV crashes from the high
As prominent Bitcoin advocate Hodlonaut, targeted by Wright for his tweets about BSV last year, stressed, “The geniuses who bought the top of this […] BSV pump are already over 23% poorer ”. In fact, BSV is trading for $ 293 at the time of writing.
A document was released yesterday on CourtListener, which is tied to the lawsuit between the estate of Dave Kleiman, one of Wright's business partners, and Wright himself, who claims to be Bitcoin inventor Satoshi Nakamoto.
The document dated 14. January says that “Dr. Wright informed the court that a third party has provided the information necessary to unlock the encrypted file and Dr. Wright has presented a list of his Bitcoin holdings to the plaintiffs today, as ordered by the magistrate judge. ”
Many took this as a sign that Wright was getting the final key to billions of dollars, causing the market to inflate BSV's price along with other forks.
But after further analysis, the document showed that it received a list of Bitcoin addresses that are said to contain its assets, not the private keys that could theoretically access 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 (@Timccopeland) 15 , January 2020
This probably led to a decline in the BSV.
Not to mention that Nicholas Merten, a popular crypto analyst and founder of the YouTube channel DataDash, argued that the recent rise in altcoins is due to questionable market activity and may not be permanent:
“Ignore the price movements of the BSV. Only $ 35, 6 million of the volume are from exchanges that are for US Traders are open. The others 99, 4% of the daily volume consist mainly of no-name exchanges and well-known wash -Trading exchanges that are still manipulating this space. Basically, you can dictate a wrong price, ”he remarked.
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) 14. January 2020
All of this would indicate that buyers will not push Bitcoin Satoshi Vision higher in the short term unless there is further evidence that Wright has access to his purported assets.
Proof of text: newsbtc