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Bitcoin SV News

Bitcoin SV Data Shows The Altcoin Is A ‘Ghost Town’: Analysis

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Bitcoin SV data analysis shows that the digital asset is basically a ‘’total ghost town’’ according to analyst Kevin Rooke who tweeted earlier today and we are reading more about it in the latest cryptocurrency news below.

The purpose of the Bitcoin SV fork was to increase the capacity for millions of transactions and make the entire base layer of the cryptocurrency competitive with major credit card companies such as Visa or Mastercard. This is the reason why Bitcoin SV developers want bigger block sizes mainly in gigabytes in order to be able to handle the traffic. The big data centers can handle the transaction volume but people are becoming more concerned about the centralization that comes with the barriers. Inevitably, a lot more money is needed to run a mining outfit that has to process thousands of gigabytes per week and in that case, in order to serve them all, more bandwidth is required.

With all of this Bitcoin SV data provided, there seems to be a demand for all the block space. However, according to Rooke, there is no demand and the failure of any cryptocurrency is the inability to gain any real traction. Bitcoin SV proponents are often at odds but they have similar goals with Bitcoin Cash. The only difference is that the BCH altcoin is more popular. Bitcoin Cash is not the only big competitor to Bitcoin SV. There are many of the cryptocurrencies with major popularity which boost their adoption including Bitcoin, Ethereum, TRON, and EOS.

As noted in the coming altcoin news, the point of building better-scaling blockchains like those that Craig Wright wants to achieve is that scalability is always necessary after all and this comes at the heart of the criticism. Bitcoin and Etehreum are the only blockchains effectively which face scaling limitations currently. The Bitcoin blocks are crowded so the fees are getting higher. The Lightning Network adoption is still far from over. Many in the crypto community believe that Facebook’s crypto project Libra will bring alone a huge influx of new users but in this case, the currency with the easiest usage will see the most demand.

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Bitcoin SV News

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.
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Bitcoin SV News

Bitcoin SV Retraces Below $100, BSV Is Still ‘Weekly Positive’

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The latest Bitcoin SV news show that the fork of the Bitcoin Cash (BCH) network and token created by Craig Wright has suffered a 4% drop which took it below $100. Even though the entire market dropped and lost more than $20 billion in less than 48 hours, the fact that Bitcoin SV retraces does not change much when it comes to the weekly gains.Last week, the price of the cryptocurrency BSV exploded and showed marvelous gains which weren't seen for months. BSV practically went shooting and in a range between $110 and $115, ascending to highs of $113.24 at the very close of the session. Now that Bitcoin SV retraces below $100, analysts are worried and asking themselves if the price of BSV will be dragged further below.The price action saw a ripple effect on the trading volume which saw a 44% rise in just 24 hours from $303 million to $541 million. The market cap of the digital asset also ballooned from $1.6 billion to $2 billion in the same period.At the time of writing, Bitcoin SV retraces - but is still up 17% from the same time on Monday against both the US dollar and Bitcoin (BTC). The latest cryptocurrency news also show that the trading volume is holding at $581 million in the last 24 hours while the market cap is now standing at $2 billion.When looking at the one-hour chart, we can see that Bitcoin SV retraces above the Simple Moving Averages (SMAs) was key to the tremendous gains. The 50 SMA on the one-hour chart and the 100 SMA are still playing catch up. However, they are inline to offer support in case an extended reversal occurs.We can see that Bitcoin SV has broken below the short-term accelerated trend line and is trading at $112.67. The short-term support, on the other hand, is formed at $110 while the upside is limited at $115.On the one hour chart, Bitcoin SV retraces and is still in a bearish condition. The overall market cap is still weak and is near the $200 billion mark - something we haven't seen in weeks. If the drop continues led by Bitcoin (BTC), we can expect further losses for all altcoins and the key players - the top 20 coins.
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Bitcoin SV News

Crypto Supporters Boycott Wright’s Blockchain Conference Attendance

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The crypto supporters and prominent members of the community announced to be boycotting Wright’s attendance on the London Blockchain Conference by not coming to the event at all as we are about to read further in the blockchain news today.The CC forum on Blockchain, digital innovation, and AI starts in London and Craig Wright is one of the scheduled speakers and he will show up on the conference as the true inventor of the number one cryptocurrency. the crypto supporters won’t attend the conference because they refuse to give credence to his claim that he invented bitcoin. The event is moderated by Max Studennikoff and despite Wright, on the panel, you will be able to see Brock Pierce, Tone Vays, Bobby Lee and Nouriel Roubini. Wright received a lot of negative attention for having claimed that he is Satoshi Nakamoto who invented Bitcoin and what is worse, the event even credits him by asking him what was the purpose of the Bitcoin whitepaper.Also, a lot of prominent figures decided to fight against this decision and even the official page of BitMEX on Twitter posted a reminder of court rulings and fraud accusations against the self-proclaimed BTC creator. Another popular figure that will attend the event is the founder of Litecoin, Charlie Lee who said:
‘’Many of us pledged not to attend a conference that invites faktoshi. Yet you still plan to share the same stage with him. Shame.”
Tone Vays is also a popular crypto analyst and commentator and he has defined himself as the Bitcoin maximalists but being featured on a panel with Wright caused a huge backlash from the crypto community. A lot of the people criticized Vays for accepting the invitation to speak alongside Wright. He did boycott another conference back in May held in New York saying that he found the concept of a ‘’Bitcoin conference by shitcoiners hypocritical as we reported in the previous crypto news.’’ Vays claims that he didn’t know Wright was coming to the panel until the last moment but he also pledged to defend Bitcoin against scammers. He also said that he is the last Bitcoin maximalist standing and that not going to the conference will bring nothing good for the attendees.
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Bitcoin SV News

Bitcoin SV Mentions On Twitter Got Down By 87% Since May

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BEWARE: Twitter Scammers Are Using The ‘Blue Tick Approach’ To Trick Crypto Holders
Bitcoin SV mentions got quite a bit down on Twitter since the May highs and it seems that the project is losing contact with the core crypto audience as we are about to read in the Bitcoin SV latest news.The crypto researchers at the TIE found that the cryptocurrency suffered one of the worst Bitcoin SV mentions on twitter. The volumes on twitter about the crypto project dropped by more than 87 percent since the May highs marking an all-time low. This downhill move reflected the social media users showing that they are quietly losing interest in the cryptocurrency which is further visible in the price performance of the BSV altcoin.The ninth-largest cryptocurrency by market cap dropped by more than 75 percent against the US dollar between June 22 and September 25 and the performance against the major cryptocurrency was similar. The BSV/BTC instrument during the same period dropped by more than 76 percent showing that the traders parked their BSV capital to other crypto assets and fiat currencies. At the core of the surplus losses, it’s the founder of the project Craig Wright. The self-proclaimed Satoshi Nakamoto lost a lot of credibility before the hardcore followers after the Florida court judge savaged him for lying under oath. Judge Bruce Reinhart who was hearing the case against Wright’s involvement in creating the deceased partner Dave Kleiman explained that Bitcoin SV founder forged the documents to steal millions of dollars worth of Bitcoin. He ordered Wright to give back all the bitcoins which is believed that were mined during the early years of the cryptocurrency. Wright responded that he couldn’t produce bitcoin without Dave’s signatures saying that they remain locked inside a so-called Tulip Trust. The Judge wrote:
“Dr. Wright’s demeanor did not impress me as someone who was telling the truth. I completely reject Dr. Wright’s testimony about the alleged Tulip Trust, the alleged encrypted file, and his alleged inability to identify his bitcoin holdings […] Dr. Wright’s story not only was not supported by other evidence in the record, it defies common sense and real-life experience.”
Bitcoin SV’s followers supported the project because they believed Wright was the real Satoshi Nakamoto as explained in the latest cryptocurrency news before.
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