Up by 116% – What Happened with Bitcoin SV?
The altcoin price has grown after Craig Wright presented the court with new documents in the case of Dave Kleiman. But TokenAnalyst co-founder Sid Shehar is confident that the value of the coin artificially inflated.
Bitcoin SV rose by 116% in 10 days, rising from $ 93 to its current level of $ 201. The daily volume of coin trading during this time increased by 350% and reached $ 1.940 billion.
The rapid rise in the value of Bitcoin SV began on January 10 after Craig Wright, the creator of the altcoin, who calls himself Satoshi Nakamoto, submitted to the court more than 420 documents in the case of Dave Kleiman’s inheritance. However, Sid Shekhar, co-founder of TokenAnalyst analytic company, is sure that there is no direct connection between the events. In his opinion, the coin has risen in price as a result of coordinated actions, reports Bloomberg.
“Someone thinks this is a reaction to the fact that Craig Wright filed new documents in court. No, this is more a coordinated pump than a real market reaction to positive news,” Shekhar suggested.
At the same time, the hard fork of the first Bitcoin Cash cryptocurrency added to the cost. Over 10 days, the coin has risen by 45% and is now trading at $ 282. The daily trading volume of the asset grew by 70%, reaching $ 2.5 billion.
The main driver for the increase in the cost of altcoin is the upcoming halving, the Bagsy trader suggested in his Twitter account. The event will occur approximately on May 24 and will lead to a reduction in the reward for cryptocurrency mining from 12.5 to 6.25 BCH.
In December, Craig Wright said he would gain access to 1.1 million BTC on the first day of the new year. On January 1, the courier was supposed to give the developer the keys to a private cryptocurrency wallet. However, whether this happened or not remains unknown at the moment.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.