Downside correction leading the price of Bitcoin SV to drop by 10 percent after the long rally shows signs of a massive dump. Let’s check out the analysis in today’s altcoin news.
The BSV-to-dollar exchange rate dropped by 10 percent today and reached the $194.23 as its intraday low on multiple exchanges. That led the pair to drop by 23 percent from its lately-achieved peak of $254 while its rival Bitcoin dropped by 14 percent according to the data from CoinMarketcap.
The market didn’t provide any solid explanation to why Bitcoin SV stopped the strong trend. Nevertheless, the asset dropped under the entire sentiment on the market which led all of the cryptocurrencies to adjust their interim bias to sideways. Bitcoin retracted by more than 18 percent against the US dollar and then managed to perform a weak pullback to the upside over the past 48 hours.
The Bitcoin SV 300-percent price rally hinted a well-organized pump action driven by fake and misleading news. For example, the founder of the altcoin Dr. Craig Wright filed a copyright claim over the original whitepaper of Bitcoin which should somehow prove that he is the real Satoshi Nakamoto. Later, the US Copyrights Office clarified that they do not verify Wright as the real creator of Bitcoin, they simply just register it.
In the meantime, the Bitcoin SV price rally continued after scammers impersonated a Chinese website and spread fake news claiming that Wright moved bitcoins from the original wallet of Satoshi Nakamoto to Binance which delisted the altcoin earlier. The co-founder of Ethereum Vitalik Buterin even called Bitcoin SV a ‘’complete scam’’ after he criticized Wright’s blockchain project for increasing the block size to 128 MB.
The news and comments may have influenced the day traders to look into the short opportunities on the market which may have started the downside correction for Bitcoin SV. The fact that the altcoin dropped so hard against the US dollar and Bitcoin, shows that the people are ready to take out their weekly profits and move towards cryptocurrencies which better fundamental backings. This could lead to a massive potential dump in the medium-term proving the shady nature of the altcoin as noted in the latest cryptocurrency news.
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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