Over the past weekend, the cryptocurrency market took a surprising and severe downturn, losing over $10 billion in value within a few hours.
While some analysts allege to have predicted the downturn due to the market being oversold, for most it was a shock. Interestingly, Bitcoin SV (BSV), the recent hard fork of Bitcoin Cash (BCH), is now experiencing a surge in value.
Bitcoin SV was instigated by the controversial Dr. Craig Wright who has long claimed to be Bitcoin creator Satoshi Nakamoto and who holds millions of dollars worth of Bitcoin. When planning to implement the fork against much criticism from Bitcoin Cash developers, Wright claimed he would sell off his millions and crash the market if that’s what it took to make BSV work.
Now we are seeing a surge in Bitcoin SV prices just after what appeared to be a huge selloff of Bitcoin. It’s hard to conclusively pinpoint if there is any correlation between Bitcoin being sold off and the funds being injected into BSV but it’s certainly an interesting coincidence.
Bitcoin SV (BSV) was also recently added as a payment method on popular online sales platform Coingate. A startup from the small European nation of Lithuania, Coingate has been in the news lately for its ongoing developments. Last week, Coingate added support for Litecoin (LTC) payments on the controversial Lightning Network, an off-chain settlement platform designed to speed up transactions and reduce fees.
Since the announcement and following the weekend crash, Bitcoin SV is up a whopping 15 percent, trading at just over $70 per coin with a market cap of $1.25 billion. If it continues its rally it could take over from Binance Coin (BNB) and reinsert itself in the list of top 10 cryptocurrencies.
Bitcoin, Litecoin and Bitcoin Cash, by comparison, have only enjoyed minor one to two percent gains.