Bitcoin SV [BSV], the second degree hard-fork of Bitcoin [BTC] recorded 143% gains on a single day.
The fundamental reason for the rise is the speculation around the fact that Craig Wright possibly hold the key to the 1 million BTC that only Satoshi could possibly have.
The claims were made in a recent legal filing in the district court of Florida in the pending, Klieman vs. Wright case. Wright has submitted a document before the judge giving the list of over 16,000 BTC addresses.
However, no further details have been given on how he plans to unlock them, only that he has mysteriously obtained the keys.
Dovey Wan, a crypto analyst tweeted this morning,
Have been seeing many folks saying they’ve parked some money in BSV as “insurance” just in case the Tulip Trust or even further CSW to be proven to the real Satoshi … ??? Not a financial advice here
In the past, Wright has been proven to produce forged documents and make various other false claims. However, even a less than 1% possibility of his claims being true creates ruckus in the market.
For all intents and purposes, BSV is a altcoin which has been split from Bitcoin Cash [BCH] after it was split from Bitcoin [BTC].
Cornering the Market Operation
According to Anthony Elia, co-founder of digital assets firm, FinanceDA, this is an attempt to ‘corner the market.’
Surprisingly, Satoshi Nakamoto had addressed this situation around the time he was actively working on Bitcoin in 2009. According to an old excerpt on Bitcointalk.org shared by Elia, the owner Satoshi says,
What the OP described is called “cornering the market”. When someone tries to buy all the world’s supply of a scarce asset, the more they buy the higher the price goes. At some point, it gets too expensive for them to buy any more.
It’s great for the people who owned it beforehand because they get to sell it to the corner at crazy high prices. As the price keeps going up and up, some people keep holding out for yet higher prices and refuse to sell.
It takes a lot of capital to corner the market, the 3 fold rise in BSV since beginning the year @ $90 is inorganic to say the least. The price of BSV at press time is $378, it rose to a high at $456 yesterday.
Financial crypto analyst, Mati Greenspan tweeted,
You still got more money CSW? pic.twitter.com/4w1oDHmKCE
— Mati Greenspan [tweets are not trading advice] (@MatiGreenspan) January 14, 2020
Do you think the rise in demand for BSV and BCH will continue? Please share your views with us.
- Ethereum’s Futures Open Interest hit a 3-month low, what does this mean for the market?
- Professional Mining from Digital Mining Experts Is Now Available via GMT
- Just-In: Georgia Binds Its Residents in Holy Oath Against Bitcoin Mining
- Wager Based 3D PVE/PVP Arena Battler Engines of Fury Storms GameFi With Incredible Content
- Shiba Inu (SHIB) Devs Begin to Fix Recent Issue of ‘Wormhole’ Addresses’; Here’s All You Need to Know
- BNY Mellon Sees Meaningful Revenue In Crypto by 2023 Post Clear Regulations
- Moody’s Confirms El Salvador’s Ratings Unchanged After President Bukele’s Reactive Tweet
- Luxury Car brand Lamborghini joins the NFT Bandwagon
- Mercedes Taps NFT Creators In Celebration of G-Class Series
- Why Ethereum (ETH) Price May Explode Coming July?
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?