Bitcoin SV and Craig Wright have once again attracted a lot of attention. The Bitcoin SV price has exploded in the last few days and yesterday reached the magic 400 USD mark. Just a few days ago, the Bitcoin SV price was just above the 100 USD mark. Thereby BSV could push its competitor BCH, after almost 2 years, from the throne. But the situation around Bitcoin SV raises some questions. In this article, we take a brief look at the background and show why an investment in Bitcoin SV could be anything but a good idea.
Bitcoin SV displaces Litecoin and Bitcoin Cash – Ripple (XRP) the next BSV victim?
Craig Wright, the face behind Bitcoin SV, has made headlines in the past. The self-proclaimed Satoshi Nakamoto has regularly pumped the Bitcoin SV price with various fake news. This time it looks no different. BSV has risen by more than 200% in the last few days, taking over Litecoin and Bitcoin Cash by market capitalization. Will Ripple (XRP) be next or will the bubble burst?
The origin is probably again to be found in the legal dispute between Craig Wright and the Kleinman family. Craig is said to have operated a mining company with David Kleinman from 2009 to 2011, where together they generated over 1.1 million Bitcoin. Wright is now supposed to return 550,000 BTC to David’s sister. David has passed away in 2013. His sister, Ira Kleinman, has now reopened the case.
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Craig Wright has submitted Private Key to the court
The documents required by the court regarding the Tulip Trust, where the 1.1 million Bitcoin are supposed to be held, had not yet been filed and the trial was further prolonged. However, it appears that there is now a turnaround in the case. The Court has said that it has now received the outstanding documents relating to the Tulip Trust and the associated Private Key and will make a decision in the coming days.
99.4% of Bitcoin SV trading volume is likely to be fake
This news has caused the Bitcoin SV price to explode. But if we look at the trading places where BSV is traded, one could already speak of intentional manipulation. Only 35.6 million USD trading volume can be attributed to Exchanges that have an international standing and are considered reputable. The remaining 99.4% are found on Exchanges that are either completely unknown or known for fake trading volumes and wash trading.
Last year Bitcoin SV was already removed from Binance, Kraken and other major exchanges. At the time, this was the companies’ response to the curiosities surrounding Craig Wright and his claim to be the true Satoshi Nakamoto.
Price pump will not last long
At this point we can only advise everyone not to fall into FOMO (Fear Of Missing Out) and make rash decisions. Regardless of the fact that the whole story around Bitcoin SV raises many questions, the BSV price has more than doubled in the last days. This increases the likelihood that the Bitcoin SV price will correct again in the coming days and weeks. Therefore we recommend at this point, if someone can’t keep their hands off the fire, to first observe the price development over the next few days.
There have been some extremely strong Bitcoin SV pumps in the past, which were sold out a few days later. This scenario could repeat itself. Not only have we seen similar scenarios in the past, but 99% of Bitcoin SV trading volume is fake, and a decision on the authenticity of the documents submitted by Wright is still pending.
We are curious to see how the litigation will continue, whether the submitted private key really contains as much Bitcoin and how the Bitcoin SV price will develop. We will keep you up to date on this case.
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