Bitcoin SV (BSV) is dumping hard which indicates it may have been a false rally in the first place.
Bitcoin SV Pump and Dump
Total crypto market capitalization has declined a couple of percent overnight as altcoins correct from massive gains this week. Most are marginally in the red but the one that led the bull run is dumping double digits leading analysts to question its validity in the first place.
Since its FOMO driven surge to top $430, Bitcoin SV has crashed over 50% in a slide back to $290. It has already lost the fourth slot back to Bitcoin Cash which has largely held on to most of its recent gains.
BSV price 24 hours – Coinmarketcap.com
BSV is currently the worst performing altcoin in the top one hundred and the only one dumping double digits.
The pump was largely driven by speculators reacting to rumors that Craig Wright actually has access to a ‘Tulip Fund’ allegedly containing millions worth of bitcoin mined during the early days of the asset’s existence.
Dollar eyed day traders loaded up on BSV under the impression that Wright would sell whatever BTC he had in that stash for his own coin.
Crypto Youtuber Nicholas Merten delved into the data to reveal that actual volumes were extremely low and many obscure exchanges were used.
“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.”
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) January 14, 2020
Wash trading is a type of market manipulation where sell and buy orders are simultaneously placed on the same asset. It is used to fake data from obscure crypto exchange platforms or to falsify the price of a coin, in this case, BSV.
Bitcoin SV is only listed on a few exchanges and most of those are highly dubious with low daily volumes such as Bibox, EXX, and Hotbit.
Crypto writer Dalmas Ngetich joined the digital dots adding that the BSV market cap was actually lower than its 24-hour volume at one stage.
Isn't it weird that the market cap of #BitcoinSV is LOWER than its 24HR trading volumes. This is a recipe for disaster IMO. Absurd! #BTC #Bitcoin #BSV. Treading on this ice now! pic.twitter.com/CHl3DEpfdV
— Dalmas Ngetich (@Dalmas_Ngetich) January 15, 2020
So it seems that markets have been faked out again by ‘Faketoshi’ and his highly spurious spin-off of bitcoin.
Back to reality, the market correction has been expected but the sentiment is still bullish following gains of 25% this year for total crypto capitalization.
Was the Bitcoin SV pump totally manipulated? Add your comments below.
Images via Shutterstock, CoinMarketCap, Twitter: @Nicholas_Merten, @Dalmas_Ngetich The post appeared first on Bitcoinist.com. origin »
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Less than a year ago, almost all the major crypto exchanges delisted Bitcoin SV (BSV) over their bad blood with its founder – and self-proclaimed Bitcoin creator – Craig Wright. But that did not deter the fifth-largest cryptocurrency from establishing an all-time high.
Less than a year ago, almost all the major crypto exchanges delisted Bitcoin SV (BSV) over their bad blood with its founder – and self-proclaimed Bitcoin creator – Craig Wright. But that did not deter the fifth-largest cryptocurrency from establishing an all-time high.
Yesterday, on seeming news that Craig S. Wright, a purported Bitcoin creator, had access to an entire stash of the cryptocurrency, the Satoshi Vision variant of Bitcoin (BSV) rallied by over 145%. It surged from well under $200 to as high as $440 in 24 hours’ time.
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Contentious Bitcoin Cash hard fork Bitcoin SV (BSV) has surged over 25% percent in the past 24 hours. The cryptocurrency’s significant price increase has led to a parabolic rally which may result in all-time highs for BSV.
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Bitcoin’s main forks – Bitcoin Cash ABC (BCH) and Bitcoin Cash SV (BSV) – have several elements of a medium of exchange asset, but they still don’t experience the same adoption level. Bitcoin Forks Are Rarely Used as Means of Exchange On Monday, July 29, crypto analysis firm Coinmetrics published a report that compares Bitcoin with its main forks, BCH and BSV.
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Курс поддерживаемой Крейгом Райтом криптовалюты Bitcoin SV (BSV) стремительно растет уже второй день подряд. Уверенный подъем цены этой монеты начался в среду, 29 мая, когда всего за несколько часов BSV выросла на 50%, преодолев отметку $180, после чего монета продолжила своё восхождение вверх.
Криптовалюта Bitcoin SV (BSV) постоянно оказывается втянутой в какие-то споры, из-за того, что проект активно продвигается при участии Крэйга Райта, к которому в криптосообществе достаточно неоднозначное отношение.
The cryptocurrency market saw a major rise in prices of most cryptocurrency, however, there were certain coins that did not face any major change in their standing and price. Bitcoin SV [BSV] faced the wrath of exchanges as it first got delisted from Binance, and then a few others, fell to the 15th position.
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CoinSpeaker
Bitcoin SV Price Analysis: BSV/USD Trends of December 5–11
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The daily bitcoin trading volumes come out into billions of dollars every day, with hundreds of thousands of daily transactions being carried out. It is one of the reasons why bitcoin draws the most investors, given such high trading volume and good depth across all exchanges.