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Bitcoin SV Added 12% As Bitcoin Starts Recovery Journey

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Bitcoin SV added 12 percent at a very unusual moment right when Bitcoin as one of the major competitors crashed to below $7,500 after a few weeks of stability. In today’s Bitcoin SV news, we take a closer look at the price analysis.

Bitcoin SV added more than 29 percent in a single week while the rest of the market was in the red. Over the past week, BSV also posted extremely successful days bouncing off the $90 range and once again reaching triple-digit prices. The previous BSV rally above $100 happened around the birthday of Craig Wright who is one of the most vocal Bitcoin SV proponents and claimants to the identity of Satoshi Nakamoto. Whether this increase in price was a gift to Wright or a stung, the rally continued on Thursday and Friday.

The Bitcoin SV network has added an interesting feature that surfaced today showing a 2.5 BSV bounty for uploading worldwide air quality data. The inclusion of data in BSV blocks is a novelty and the bounty can help build up the community. BSV also rallied in BTC terms increasing to 0.013 BTC in a growing trend. The blockchain of BSV which was basically the fork of BTC, still claims to be the real Bitcoin. Wright also threatened to wipe out BTC in just a matter of moments dumping his BTC holdings while boosting BSV.

Was this rally a part of the threat? It is too early to say and BSV trades on multiple small exchanges so there is the possibility of trading manipulation. Also, it is quite possible that the fast gains will be erased in the next few days as BSV takes its turn to flash-crash. The altcoin already gathered some strength for a few days before the rally on Thursday and the reason for the jump is still uncertain.

The coin dropped to a low of $81 a few weeks ago and the current gains are looking better. The Bitcoin SV mining also increased since mid-October expanding from 800 quadrillion hashes per second to 1.3 quintillion hashes which are still around 12 percent of the BTC hashrate. BSV remains one of the most successful coins that emerged from a fork keeping its presence among the top 10 assets.

DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

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Bitcoin SV News

Bitcoin SV Adds 19% In One Day, Going From $256 To $305

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The altcoin market was bleeding red yesterday and the altcoin news and rumors showed that the situation is like that for every coin. One of the most injured coins was BSV as it lost double-digit percentage points and fell to a new intraday low at $256.66 yesterday. Today, however, the situation has changed and Bitcoin SV adds 19% to its price, again breaching the $300 mark and now trading at $305. As a reminder, BSV traded at $382.70 last week during its best days and this level is still far from the current price. However, adding almost 20% in one day is definitely worth a celebration for the bulls and traders who have BSV in their portfolios. As Bitcoin SV adds 19% in one day, we can see that the latest cryptocurrencies news show nothing but gains. Today is a good day for traders and there is a lot in terms of profit taking. While yesterday the news left traders under the impression that coins could be under the risks of further bearish crackdowns, today is a different day. Part of the reason why Bitcoin SV adds 19% after it slipped overwhelmingly yesterday can be laid in the altcoin market bust. Speaking of, this bust included many altcoins such as Ethereum, XRP, Bitcoin Cash, Litecoin and more than 5,000 other crypto assets which fell in tandem to register a $23.84 billion crash in the last three days. Bitcoin SV (BSV), for instance, lost around 24% alone against the top cryptocurrency. This is how Bitcoin regained part of its lost dominance over the crypto market despite slipping itself by around 8% within the same timeframe. BTC's dominance jumped from 61.3% to 63.6% in three days, showing how bad altcoins bled at the time.
“Early signs of a bullish reversal on Bitcoin Dominance. Altcoins will be destroyed if this gets back up to 68 – 70% again,” said market analyst Elixium.
https://twitter.com/VentureCoinist/status/1229086503827116033 All of these comments from analysts come as Bitcoin SV adds new percentage points to its price. Technicals aside, other catalysts also played a major role in driving the BSV prices down. There were reports about unconfirmed transactions on the Bitcoin SV blockchain which spiked dramatically, leading to its network's mempool rising by 400 times. https://twitter.com/verretor/status/1226084073036275712 The low trading volumes, thin order books and other factors made BSV prone to crashing further. Still, the cryptocurrency is in a good position now and that is worth mentioning.
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Bitcoin SV News

Bitcoin SV Data Shows Volumes Are Heavily Manipulated

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The Bitcoin SV data shows that the volumes for the cryptocurrency are heavily manipulated as per Timothy Peterson at the Cane Islands Alternative Advisors' recent findings which we are reading more about in the Bitcoin SV news. Bitcoin SV, led by the self-proclaimed Satoshi, Craig Wright, seems to have been heavily manipulated in its transaction data according to a report by Coinmetrics. Bitcoin SV data shows a lot of inconsistencies and controversies since its inception not only because it was created after the messy split of Bitcoin Cash blockchain but also because of the involvement of Craig Wright and Calvin Ayre. Looking at the data, Timothy Peterson noted that the average transaction time for the BSV chain is smaller than 1/10th of a cent. Also, the network currently reports that it handles around 700,000 transactions of the smaller transactions each day. The median transaction value for BSV is less than 1/10 of one cent. This is economically meaningless since Txns have soared to 700K/day which means that there are hundreds factional cent txns that are processed daily. This can also lead to two conclusions which means BSV is used to process almost a million micro-payments each day which eclipses the volume of the Lightning Network or the volume is being spoofed to fake activity bots. There are about 40,652 active BSV wallets which means it is highly unlikely that the transactions are genuine. Craig Wright claimed to be the anonymous creator of Bitcoin and for years he has been called out for that because he was unable to provide decent evidence to substantiate his claims and much of the proof he has provided has been discredited. With new data showing that the transactions are being faked on the chain, it also questions just how much usage the chain actually has. Most of the on-chain transactions on BSV came from the single weather app with as much as 96 percent of transactions from this one app. Bitcoin SV claims have a lot of apps but it seems that only the weather app is used at all. This app usage is weird as well and it is not that Bitcoin SV users are obsessed with the weather which is why the community called an intelligence test for the rest of the community because of the poor reputations of the supporters.
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Bitcoin SV News

Why Did Bitcoin SV Plunge By 40% From Its $450 High?

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Aside from the latest Bitcoin news which show that BTC is aiming at $9,000 next, there were many other altcoins seeing greens in this new rally. If you were following the news last week, you probably know that Bitcoin SV (BSV) was a major topic of discussion. But why did Bitcoin SV became a hot topic besides from exploding higher to a high of $440 - in a rally of 200% in only three days? As fast as this asset has rallied, so it has collapsed. This is something that many investors were afraid of - and something that happened. At press time, the third largest chain with "Bitcoin" in its name is down 18% in the past 24 hours and keeps on tumbling down. This is all in a period when Bitcoin is still growing and the ETH news show increases of up to 4% on the day. So, why did Bitcoin SV crash 40% from its local peak? With a current price of $264, BSV is definitely far from what many expected for its short-term trend. The crash certainly coincided with the news that Craig S. Wright - the primary proponent of BSV and a coder and entrepreneur who claims to be Satoshi Nakamoto - does not currently have access to a BTC stash he purports to have. BSV proponents even said that he will use the stash to dump BTC and promote their version of the chain. All of this has led to uncertainty on the market. As to why did Bitcoin SV fall, the controversial founder of the coin is the main person to blame for that. A report for Decrypt shows that Wright does not have the private keys which can be used to access the billions of dollars worth of BTC that Satoshi Nakamoto likely mined when he was one of the only Bitcoin users. One popular cryptocurrency analyst called Nicholas Merten (who is also the founder of the DataDash YouTube channel) argued that the recent surge in the altcoin may be based on questionable market activity - and thus may not last. https://twitter.com/Nicholas_Merten/status/1217196786663686145 All in all, many still don't know why did Bitcoin SV fall so much. However, the recent rally in the popular altcoin was definitely one based on emotion and not on rational thought.  
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Bitcoin SV News

Bitcoin SV Flips BNB As Feud With Binance Continues

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Bitcoin SV flips the Binance Coin as the feud with the popular crypto exchange Binance continues as we are reading further in the Bitcoin SV news. BSV rallied in January and expanded its price by 50 percent and the proponents of the project even saw the project delivering something big for the coin in the upcoming months. So far, Calvin Ayre as the largest proponent of the altcoin announced the news that resulted in a pump in the price but nothing unusual happened according to the standards in the crypto space. The altcoin moved up the charts right after the pump and now Bitcoin SV flips the Binance Coin (BNB) after a busy weekend price action. The recent developments added a lot of heat to the already heated up feud between BSV supporters and Binance after the popular crypto exchange delisted BSV in 2019 because of Craig Wright’s lawsuit campaign against the prominent crypto Twitter figures. BSV is now standing at $162 and a volume of $1.1 billion with a lot of room for growth if the traders FOMO comes back with a pump. BSV also used the low-volume trick during the weekend to pull off the work on the regaining value. During the pump, the project continued to boost the claims that Craig Wright is the only, true inventor of Bitcoin despite the many pieces of evidence that claim the contrary and who choose to support the ‘’true vision’’ of the real inventor of Bitcoin in the form of Bitcoin SV. The asset didn’t manage to do a flippening with EOS as well that is now stagnated at around $2.62 so right now it seems that BSV stabilized over BNB which also slumped despite the charismatic effect of CZ. Bitcoin SV transactions have hosted twice as many transactions as Bitcoin in the past few months but the transactions have no guarantee of real adoption so they can be generated artificially. There are a few problems that BSV is facing that could have a huge impact on the asset’s price over the course of the year and the first one is the ongoing lawsuit against Craig Wright. Right now, the latest court rulings have stated that the judges are giving Wright up to February because of his ‘’bonded courier’’ to deliver the final key to access bitcoins that are held in trust. If it doesn’t arrive, it could have serious ramifications on Wright’s case and the claim that he is the real inventor of Bitcoin.
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