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.
Instant Crypto Credit Lines™ from only 5.9% APR. Earn up to 8% interest per year on your Stablecoins, USD, EUR & GBP. $100 million custodial insurance.
Follow us on Social Media and subscribe to our free crypto newsletter!
Diskutiere mit uns!
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from Altcoin
Ever since 2019, Bitcoin is on a steady uptrend, with much optimism and buoyancy. After recovering from a big crash …
The cryptocurrency market is showing some signs of improvements. The market is moving steadily and it seems that almost all …
It seems that the cryptocurrency market is slowly trying to gain momentum. Almost all cryptocurrencies are displaying a slight growth.From …