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