Bitcoin SV (BSV) Extends Rally on Craig Wright’s Satoshi Nakamoto Claims

Wright recently built a dedicated site and keeps advertising his Satoshi Nakamoto persona, while failing to provide evidence of controlling private keys belonging to the early Bitcoin wallets.

BitcoinSV (BSV) is on a roll, gaining more than 27% in the past 24 hours and actually appreciating slightly in Bitcoin (BTC) terms. BSV extended its rally, triggered by the claims that Dr. Craig Wright is, in fact, Satoshi Nakamoto, and BSV is the asset he is backing.

BSV traded at $116.61, on volumes above $525 million’s equivalent, and has risen more than 84% in the past week. The asset reached 0.013 BTC, still far from its peak at 0.03 BTC. The relatively thin volumes mean that the asset’s price is also easier to move, especially after a handful of major exchanges delisted the coin.

The BSV asset is most active on BitMart, OKEx, and Bitforex, exchanges that have been criticized for potentially offering inflated volumes.

The rise in BSV prices also followed a glitch related to the Bitcoin Cash (BCH) network. Data about the blockchain showed that BTC.com and BTC.top worked in unison to alter the transactions included in two blocks, to erase the effort of one miner to take away newly released SegWit coins mistakenly sent to inaccessible addresses. The BCH flaw may have boosted the mood of the BSV community.

BSV has more than 45% of its volumes in trades against Tether (USDT). The asset lines up among top altcoins, but still receives a minor share of BTC and USDT inflows. BSV is also encountering constant attacks to its public image.

The asset’s price still peaked near its highest levels, after Wright launched the craigwright.net site, openly claiming he is Satoshi Nakamoto, based on the fact of patenting the Bitcoin white paper. The claims are unconvincing for most of the crypto community.

The rise of BSV also happens on the back of the recent BTC appreciation to above $8,700. But the BSV community also plans to redirect its efforts to market prices, as revealed in a recent tweet by Calvin Ayre:

https://twitter.com/CalvinAyre/status/1132660809652428800

In the past, Wright has threatened to use his significant wealth to sway the markets. However, it is unknown whether Wright really controls the original haul of Satoshi Nakamoto, which should exceed 1 million BTC and by extension, several forked coins, including Bitcoin Cash (BCH).

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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