Bitcoin SV, the new cryptocurrency introduced last month after the hard fork of Bitcoin Cash, is in today’s altcoin news because apparently, the new-formed crypto is worth more than the token of bitcoin cash itself.
The price of Bitcoin SV is steadily increasing even when the entire market plunged down and at the same time the bitcoin price plunged as well to a new yearly low. It is interesting to notice that Kraken warned its users about the dangers of holding this controversial Bitcoin SV token but at the same time, the token managed to rise up to $107 which is $6 more than Bitcoin Cash.
Bitcoin SV now has $1,827 billion market cap, slightly surpassing BCH’s market cap at $1,808 billion.
It is still unclear what exactly is driving the BSV price up and the BCH sell-off but some say that the reason why Bitcoin Cash is losing a huge chunk of its value is that of the mining giant Bitmain losing millions of dollars in the last quarters. Bitmain is one of the largest backers of BCH and also the world’s largest holder of BCH.
In the meantime, there are plenty of backers with a lot of money ready to invest in Bitcoin SV and they are willing to provide support for the token and protected it from crashing and selling off. Some of those people are the founder of CoinGeek Calvin Ayre who continued to mine BSV even when it’s not profitable anymore.
There is also some possibility that traders are going into a BCH pump-and-dump situation which will soon become much more visible if the roles flip along the way.
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“We will never accept won or renminbi or francs or cryptocurrency, or any other currency. You have to relieve your debts to the state of Ohio with U.S. dollars. That’s what we’re currently accepting. This platform just allows for that exchange, basically before that debt is settled to the state of Ohio.”Sprague pointed out that the treasury is reviewing how the program can be expanded and they are looking into the potential risks that can come up by using this method of tax payments. Ohio is working hard to attract blockchain-related businesses to the state. The state has already passed a law allowing businesses to pay taxes in crypto but the State Treasurer Josh Mandel stated that the legislation ‘’pants a flag’’ in Ohio regarding cryptocurrency adoption. Two days ago, the County Auditors’ Association of Ohio announced the gathering of a group that will work to explore the benefits of blockchain in real estate and transfer of land titles.
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