- Bitcoin SV is the most talked-about coin after BTC.
- Bitcoin SV crashed at 40% from its peak point.
- Craig Wright lied about have private keys to locked BTC.
Bitcoin SV News Today – Apart from Bitcoin, no other digital currency has been mentioned as much as Bitcoin SV since last week. The 5th largest crypto by market cap has endured a tumultuous time with the token opening the week flat only to explode higher. It is now trading at $440 indicating a 200% rally in only three days. However, the asset has collapsed as fast as it has rallied. At press time, Bitcoin SV is down by 18% in the last 24 hours.
Why did Bitcoin SV Crash by 40% from its Peak?
During the past few days, since reaching a peak point of $440, the price of Bitcoin SV has dropped significantly crashing almost at the same pace in which it rallied. At press time, the price of Bitcoin SV is trading at 40% lower than the $440 peak point at $264. This says a lot about the coin. This begs the question, what caused this precipitous price drop for BSV? Well, the BSV price crash happens to coincide with the news that Craig Wright, who is a serious proponent of BSV has no access to any Bitcoin stash that he purports to have. Many BSV proponents have suggested that Wright will use the issue of the stashed BTC to dump the coin and focus fully on promoting BSV.
Wright doesn’t have any private keys as he claims. Recall that the crypto commentator claim to have access to keys that could unlock billions of USD worth of BTC (that creator Satoshi Nakamoto mined since he was among the few Bitcoin users at the time). Andres Rivero at Mestre law firm said:
“The file that Wright provided didn’t include any private keys.”
Wright’s Reference to Having Access to the Keys May Have Brought Buying Pressure
With the growing rumors that Wright can access the keys to the BTC coinciding with the buying pressure from last week, could have caused the Bitcoin SV price to decline. Even Nicholas Merten, a renowned crypto analyst and DataDash YouTube channel founder arguing that the recent price surge in the asset may be based on questionable activity in the market, and thus might end soon.
Ignore the price moves of $BSV. Only $35.6M of volume is from exchanges open to US traders. The other 99.4% of daily volume is made up of mainly no-name exchanges and known wash trading exchanges that still deceive this space. They can basically dictate a false price.
— Nicholas Merten (@Nicholas_Merten) January 14, 2020
Others have echoed his thoughts, particularly Saunders of Nugget’s News who argued that:
“History hasn’t been kind to users who acted based on emotion instead of thinking rationally.”
So far, nothing in the recent price rally is seemingly based on emotion.