Why Is Bitcoin SV (BSV) Up 63% Today? Find Out Here
October 20 2023 - 6:00AM
NEWSBTC
Over the course of the past four days, Bitcoin SV (BSV) has
witnessed a substantial surge in its price, marking an impressive
milestone by reaching its highest point in the last 100 days.
Remarkably, within this surge, BSV managed to breach the
long-standing $40 horizontal resistance level, which had persisted
since the month of July. This recent surge in the price of BSV has
sparked considerable interest among cryptocurrency enthusiasts and
investors. It signifies a notable shift in the market dynamics, as
BSV’s price trajectory has taken a positive turn after months of
relative stagnation. At the time of writing, BSV was trading at
$53.84, up 27% in the last 24 hours, and erecting a solid 63% rally
in the last seven days, data from crypto market tracker Coingecko
shows. Related Reading: ETH Price Watch: Impact On Price As Traders
Ditch Bitcoin On Derivatives Market Bitcoin SV 100-Day High Signals
Renewed Market Interest The fact that BSV has achieved a 100-day
high is indicative of a more sustained and potentially significant
upward trend. This suggests that the cryptocurrency has garnered
renewed interest from traders and investors, possibly driven by
fundamental developments or market sentiment. Bitcoin SV (BSV),
which originated in 2018 as a hard fork of Bitcoin Cash with the
aim of increasing scalability through larger block sizes, has
experienced a notable revival. Following an extended duration of
rather stagnant price fluctuations, BSV has had a substantial spike
of 57% subsequent to reaching a nadir in August. This resurgence in
price enabled BSV to overcome a crucial resistance level which had
been a significant barrier since July. BSV has a market cap of
$1.04 billion at the time of writing. Chart: TradingView.com The
recent surge in cryptocurrency prices is mainly driven by the
widespread excitement surrounding the potential approval of a
Bitcoin Exchange-Traded Fund (ETF) by the US Securities and
Exchange Commission. This sentiment was further bolstered when the
SEC chose not to appeal the legal case involving Grayscale.
However, the spike in BSV’s price can be attributed to a misleading
article, which falsely claimed that the SEC had anticipated the
launch of the iShares Bitcoin Trust, briefly causing Bitcoin’s
value to rise to around $30,000 before rapidly declining. Binance
Relaunches BSV, Leading To Price Surge Meanwhile, Binance – one of
the world’s largest cryptocurrency exchanges – relaunched BSV
through a USD-M BSV Perpetual Contract with 50x leverage on Friday,
resulting in a 30% surge in BSV’s price and over $500,000 in short
position liquidations, as reported by Coinglass. Related Reading:
Bitcoin SV Climbs 22% – A Close Look At The Factors Behind The
Surge This move comes after a period of turmoil that began on April
15, 2019, when Binance delisted BSV because of a dispute between
Binance CEO Changpeng Zhao and BSV creator Craig Wright, primarily
over Wright’s claim to be Satoshi Nakamoto, the anonymous founder
of Bitcoin, which resulted in alleged attacks on critics of his
identity on Twitter. Bitcoin SV’s recent price surge, pushing it to
monthly highs, could propel it towards the yearly peak near $57, as
it broke key moving averages in the $33-35 range and has been on an
upward trend since August lows at $26. Notably, BSV has faced
strong resistance from its 200-day moving average since early 2021.
(This site’s content should not be construed as investment advice.
Investing involves risk. When you invest, your capital is subject
to risk). Featured image from Coinpedia
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