Bitcoin SV (BSV) will apparently have a tough week ahead since the altcoin dropped up to 34 percent over the past seven days thanks to the delist campaign. Following our latest cryptocurrency news, we show you the analysis of the price of BSV below.
Bitcoin SV hit a new low today (Tuesday) reaching $54.53 price point, getting a 21 percent decrease. Its market cap also reached $1 billion. The weekly dropped shaved off about $482 million of the BSV market cap. Currently, the digital asset is one of the leading bearish assets over the entire market.
The relative strength index (RSI) shows that Bitcoin SV dipped right into the oversold area. The crash comes after the latest drama hovering over the altcoin. The analyses show that the larger volumes are a consequence of the bears dumping the asset on a large scale. This movement pushes the asset towards a new low.
The crash didn’t come as a surprise since the relationship between the Bitcoin SV supporters and ‘’haters’’ has been there for a long time. The founder of BSV Craig Wright claimed that he was the real Satoshi Nakamoto and many got angry of his statement. The entire BTC community asked for proofs that Wright was not able to provide. Crypto users and enthusiasts around the world called him a fraud and a liar for years so now Wright decided to get his revenge.
However, his revenged plan also didn’t work out. Changpeng Zhao the CEO of Binance was the first to delist Bitcoin SV from their trading platform. Other platforms followed including Shapeshift, Blockchain.com and many more.
The #DeslitBSV campaign against Bitcoin SV spiked over the past seven days. What initially started as a beef between the BSV creators and the twitter user Hodlonaut, ended up becoming massive chaos where everyone got involved. The data from Hash Tagify shows that the usage of the hashtag for the campaign is only increasing.
In the next couple of days, the Bitcoin SV price is expected to dive even further. Exchanges such as Kraken, Bittrex, Huobi, and BitFinex are considering delisting the digital currency from their trading platforms.
Binance Removes US Resident Ban: Launching In “A Month Or Two”
“3. Prohibition of use By accessing and using the Services, you represent and warrant that you are not on any trade or economic sanctions lists, such as the UN Security Council Sanctions list, designated as a “Specially Designated National” by OFAC (Office of Foreign Assets Control of the U.S. Treasury Department) or placed on the U.S. Commerce Department’s “Denied Persons List”. Binance maintains the right to select its markets and jurisdictions to operate and may restrict or deny the Services in certain countries at its discretion.”When comparing the wording to the one uploaded in June, it is clear that Binance removes US resident ban. The previous text read that "Binance is unable to provide services to any U.S. person," - which is why the difference is obvious.
China’s Digital Fiat Currency Is Not A Real Cryptocurrency
“Since last year, the staff at the Digital Currency Research Lab have been working 996 to develop the system. We can say the CBDC is now ready to launch at one’s call," was his speech, later shared by many best cryptocurrency news sites.The CBDC with this aims to replace MO, meaning cash in circulation through a two-tier system. The central bank will issue the digital yuan only to commercial banks, who will further issue it to the public. Meanwhile the PBoC and its Digital Currency Research Lab are the ones standing behind China's digital fiat currency - along with more than 50 patent applications which are all either invented or co-invented by Yao Qian. One patent application reads:
“The emergence of digital currency is an inevitable trend. So far, privately issued digital currency bears the features of anonymity and volatility. Central banks must take their impacts on the payments, monetary systems and financial stability seriously. As such, it’s inevitable for central banks to push for digitized fiat currencies to optimize their circulation.”However, physical cash is still arguably the only form of fiat money inside China that can remain anonymous. We can see that China's digital fiat currency is not close to cryptocurrency - and the only third-party methods which are compared to bank wire can be offered by companies like Alibaba or WeChat - both requiring real-name verification authenticated by users' IDs as well as additional banking information.
“Existing M0 (banknotes and coins) are subject to counterfeit and money laundering risks. … The [CBDC] system should follow the existing rules about anti-money laundering and anti-terrorism financing imposed on cash, and should report to the PBoC on large amounts and suspicious transactions,” Mu emphasized in a speech.
Market With Mixed Signals As Ether And Bitcoin Record Minor Gains
XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis
"Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market."
Join us on Facebook
- Institutional Investors Buy $200M Worth Of Crypto Per Week: Coinbase
- Why Is Bitcoin Still Hovering Around 5 Figures: Analysts Explain
- Ethereum Could Climb Above $200 According To Analysts
- Binance Removes US Resident Ban: Launching In “A Month Or Two”
- Bitcoin Dropping Under $8,000 Is Highly Unlikely: Analysts
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News4 days ago
Samsung Just Added Bitcoin Support To Its Blockchain Keystore
Regulation2 days ago
Bakkt Acquired Regulatory Approval From The US Regulators
Blockchain News4 days ago
BitMEX Loses The Leading Position To Emerging Competition
Bitcoin News4 days ago
Dallas Mavericks Is The Second NBA Team To Accept Bitcoin
Bitcoin Scams3 days ago
Chinese Ponzi Scheme Caused The Latest Bitcoin Sell-Off
Bitcoin News4 days ago
Bitcoin Chart Perfectly Shows The Dominance Of BTC Over Altcoins
Bitcoin News1 day ago
Mysterious BTC User Claims He Is Hodling $10 Billion In Bitcoin
Bitcoin News1 day ago
Bitcoin Price Hesitates But Further Recovery Is Likely