Today, Bitfinex has had a remarkable flash crash. The cryptocurrency crashed within a minute from $ 236 to just under $ 44.8. In the action, Bitcoin SV went to more than 26,037. The price recovered to around $ 225 in the same minute.
The coin is still displaying some bullish flags as it bursts through the $180 and $200 barriers and is now developing stability at about $230. There are two probable conditions that were the reasons for the wholesale. A seller could have opened a leveraged position and made a profit with a staged price drop. Another possibility is an inadvertent market order of a large number of coins. All offers of the order book are simply bought up and the price drops significantly. The resulting accelerated development can be described by the fact that market shareholders have no time to react and do not follow the sales offers. So the next purchase will be done again at about the old price.
Why is Bitcoin SV going so high?
Those who follow the market have noticed that the Bitcoin SV price has increased tremendously since May 21st. The price climbed from around $ 62 to around $ 250 this morning. The initial hype is attributed to the fact that Craig Wright, the father of Bitcoin Forks, has triggered investors’ by claiming the copyrights of the Bitcoin whitepaper and thus Satoshi Nakamoto’s claim. A few days ago, it was announced that Bitcoin SV will implement a protocol that will allow asset tokenization. The last jump since yesterday, peaking at almost 80%, is attributed to false reports in China stating that Craig Wright was moving Bitcoins, from a bitcoin address owned by Satoshi Nakamoto. In addition, there are many traders who are emotionally driven to invest blindly in the hype.
Second Copyright Filing Arrives for Bitcoin White Paper
In the meantime, another copyright registration (number TX0008726120) for the white paper has emerged on the public record of the United States Copyright Office, showing that a particular Wei Liu is also pretending to have introduced the work under the alias Satoshi Nakamoto. The filing is seen on May 24, 2019, while Wright’s is seen on April 11, 2019, reported Coindesk. Craig Wright has lately filed copyright filings for the bitcoin white paper and the unique code, now has a legitimate competitor. Craig Wright is known for posing as the legendary bitcoin finder Satoshi Nakamoto. The problem is that he has not given any clear proof regarding this.
Just a few days ago, cryptocurrency exchange Binance had delisted Bitcoin SV. The exchange announced that the step is part of its reviews of the digital assets it selects to list and whether they meet particular standards implemented by the company.
Disclaimer: This information should not be interpreted as an endorsement of any cryptocurrency. It is not a recommendation to trade. The crypto market is full of surprises and overhyped assets. Do your research before buying anything. Do not invest more than you can afford to lose.