Bitcoin SV (BSV), a fork of Bitcoin Cash (BCH), has seen a remarkable price increase of over 60% in the last 24 hours. The cryptocurrency, which claims to follow the original vision of Bitcoin creator Satoshi Nakamoto, reached a new 52-week high of $92.50 on Thursday, December 28, 2023.
The main factor behind the BSV price surge seems to be the strong demand from South Korean investors, who accounted for more than two-thirds of the global trade volume. According to data from CoinMarketCap, Upbit, a leading South Korean crypto exchange, recorded BSV trades worth $520.21 million in the past 24 hours, representing a 68.23% share of the total market.
The BSV trade volume increased by a staggering 553.23% in the same period, reaching $770 million. This indicates that BSV has gained popularity among South Korean crypto enthusiasts, who may see it as a viable alternative to Bitcoin or Bitcoin Cash.
BSV Still Far from Its All-Time High
Despite the impressive price rally, BSV is still far from reaching its all-time high of $491.64, which it achieved in April 2021. Since then, the cryptocurrency has lost over 82% of its value, as it faced several challenges and controversies.
One of the main issues that BSV faced was the legal dispute between its main proponent, Craig Wright, and the estate of his former business partner, Dave Kleiman. Wright, who claims to be Satoshi Nakamoto, was accused of stealing billions of dollars worth of Bitcoin from Kleiman, who died in 2013. The case, which is still ongoing, has cast doubt on Wright’s credibility and reputation.
Another challenge that BSV faced was the lack of support from major crypto platforms, such as Coinbase, Binance, and Kraken, which delisted the coin in 2021, citing its hostile behavior and fraudulent claims. BSV also suffered from several network issues, such as low hash rate, security vulnerabilities, and spam attacks, which affected its performance and reliability.
South Korea Moves Towards Crypto Regulation
The increased interest in BSV from South Korea may also be related to the recent developments in the country’s crypto regulation. On December 27, 2023, the South Korean government announced that public officials must disclose their crypto holdings as part of a broader effort to prevent corruption and illegal activities involving digital assets.
The move was seen as a positive sign for the crypto industry, as it shows that the government is taking steps to recognize and regulate the domain rather than banning or restricting it. A regulated crypto environment may provide more security and confidence for investors, who may be more willing to explore different options and opportunities in the market.
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