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Bitcoin SV (BSV)

Bitcoin SV (BSV) Soars 60% Amid South Korean Frenzy

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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 1D graph coinmarketcap
Source: CoinMarketCap

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.

Related Reading | Tim Draper Predicts Bitcoin To Reach $250,000 In 2024 Amid Enthusiasm And Regulatory Anticipation

Weekly Highlights: Bitcoin & Ethereum Lead the Charge, Altcoins Soar

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During the pre­vious week, the landscape­ of cryptocurrency markets expe­rienced a primarily optimistic trend. Bitcoin and Ethe­reum exhibited re­silience by hitting their resistance le­vels, whereas Altcoins surged with mome­ntum, showing significant increases in their we­ekly performance. This colle­ctive movement within the­ market indicates potential for ongoing e­xpansion in the near future.

Among the top 50 cryptocurre­ncies, several Altcoins distinguish themselves as the­ most notable gainers of the we­ek. Bitcoin SV (BSV) took the lead, close­ly followed by Chainlink (LINK) in second place. Notably, Solana (SOL) secured its position in third place­ due to remarkable growth.

Bitcoin SV (BSV) has been making a distinct mark in the cryptocurrency market, showing a remarkable 55% surge over the past week and displaying bullish indicators. Currently, BSV is trading at $51.01, with a decrease of 4% in the last 24 hours. The cryptocurrency reached a peak of $58.23, demonstrating strong and remarkable performance in the past week.

BSV 7D graph coinmarketcap 2
Source: CoinMarketcap

On another note, Chainlink (LINK) has been attracting attention as a top weekly performer. Over the past week, LINK experienced an impressive surge of approximately 44%. As of now, LINK is trading at $10.02, reaching its yearly peak today; this high was last seen in July 2022, indicating a robust and noteworthy performance. In the last 24 hours, the token has experienced an 18% increase, while its trading volume has increased by 38.64%.

LINK 7D graph coinmarketcap 1
Source: CoinMarketcap

Additionally, Solana (SOL) has also recently gained significant attention, with an above 35% weekly gain. Currently trading at $29.8, the token’s market cap rose by 4.66% in 24 hours.

SOL 7D graph coinmarketcap 1
Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including MATIC at 20%, APT at 23%, and Aave with an increase of 23%, according to the data from CoinMarketcap.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

Bitcoin’s pushback above $30k instills confidence in crypto markets. Throughout the pre­vious week, Bitcoin maintained its promising position, distinguishing itself from the behavior e­xhibited by other cryptocurrencie­s.

BTC 7D graph coinmarketcap 3
Source: CoinMarketcap

Santiment, a notable cryptocurrency analytics provider, highlighted Bitcoin’s resurgence in a recent tweet, with the cryptocurrency reaching $30,300. Notably, this break above the $30,000 resistance level occurred amidst a period of rising prices for various altcoins, in contrast to previous instances where a similar performance in altcoins did not accompany Bitcoin’s ascent.

Notable altcoins such as LINK, MATIC, UIP, APT, and AAVE are all experiencing their most substantial price decouplings in 2023.

Santiment previously noted that the strength of the U.S. dollar, which has been on the rise since 2023, typically negatively influences the cryptocurrency market. However, Bitcoin managed to reach a two-month high despite this trend. This remarkable performance suggests that both digital gold (Bitcoin) and physical gold are moving in tandem.

Meanwhile, Ethereum (ETH) has maintained its unique position in the cryptocurrency market, trading within the price range of $1,520 to $1,690. Santiment’s recent update reveals that Ethereum’s whale addresses in the “billionaire” category, defined as those holding at least 1 million ETH, now control 32.3% of the total supply. 

ETH 7D graph coinmarketcap 7
Source: CoinMarketcap

This is the first time such a concentration of ownership has been observed since 2016. Additionally, it’s worth noting that transactions valued at $1 million or more had their second-highest volume in five weeks, underlining the significance of the current market dynamics. 

According to CoinMarketCap, Bitcoin is currently trading at $30,557.45, with a 10.24% increase over the past seven days and a 2.18% increase in the past 24 hours. On the other hand, ETH is being traded at $1,675.09, experiencing a 2.37% increase in the past 24 hours and a 5.58% increase over the past seven days.

Related Reading | Ethereum Celebrates 100 Million Wallets As Fees Hit Rock Bottom

Ripple CTO’s Heated Face Off With BTC SV Supporter

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Ripple seems to have been in the news now and then. Sometimes for the right reasons and sometimes for the SEC’s perceived wrong reasons. Yet again, the right and wrong notions of this news are left to the public’s judgment.

Ripple CTO David Schwartz and Bitcoin SV advocate Jerry David Chan recently got into a heated argument on Twitter concerning the accountability of Bitcoin developers.

How The Ripple- BTC SV Debate Began

The debate was sparked by litigation filed by self-described Satoshi Craig Wright against well-known Bitcoiners, which the U.K. Court of Appeals recently found to have strong validity.

Chan said that lawyers should have been contacted before creating the Bitcoin program and that ignorance is not a defense when handling billions of dollars through software. On the other hand, Schwartz argued that the engineers were only defending the code they created through an open and public discussion and that the idea of holding them accountable for participating in a contentious fight was “complete nonsense.”

Schwartz, Ripple CTO, tweeted,

“What you are arguing caused people to be locked out or lose funds is the outcome of a public debate over what code bitcoin nodes should run. This is an attempt to impose liability on people for making particular arguments to the public on an important issue.”

Wright’s lawsuit derives from his assertion that he lost billions of dollars worth of Bitcoin in the Mt. Gox hack and asserts that the developers owe him fiduciary duties under English law. The legal battle has sparked debate regarding the function of judicial decisions and public discourse in the growth of the blockchain community.

Wright’s attempt to utilize the legal system to compel developers to support his cause has been dubbed “vile” and “grotesque” by the Ripple CTO. The case is anticipated to be a significant development in the blockchain ecosystem and might have significant effects on future developer duties.

At the time of writing, XRP was priced at $0.401006 with a hike of 1.0% over the last 24 hours.

Bitcoin SV [BSV]: Several metrics collapse, but price makes rebound

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Bitcoin SV a.k.a. BSV, the alleged Satoshi’s fork, has never been very good at staying away from controversy for a long time. It was recently the news after the network was attacked in an illegal block reorganization by malicious entities. Since then, several metrics went for a toss as it price spiralled back to lows.

According to the Switzerland-based non-profit organization called Bitcoin Association, an unknown miner operating called ‘Zulupool’ caused block re-organisation attacks on the Bitcoin SV [BSV] network. Also called. ‘block withholding,’ this kind of attack, typically consists of a fraudulent entity creating a chain of competing blocks which are re-written so that the attacker can take advantage of. Meaning, double spends that runs in parallel with the original chain. These blocks are created in an obscure manner which are then launched altogether to orphan the correct blocks from honest nodes.

The attack reportedly first took place on the 24th of June, but the fraudulent miner did not stop there and carried three more attacks on July 1, 6 and 9. After the European cold storage provider, Gravity suspended Bitcoin SV trading, cryptocurrency exchange such as OKEx and Huobi followed suit.

Bitcoin Asscoiation confirms double spend on Bitcoin SV

Bitcoin Association confirmed that while Bitcoin SV’s transactions were double spent. However, it further went on to explain that,

“BSV transactions have been double spent, but at this stage, there is no evidence that these fraudulent activities have been carried out to the detriment of another (innocent) party. It is possible that the malicious ‘Zulupool’ has been double-spending their own transactions.”

While the BSV devs are working with the law enforcement officers to catch the culprit, the wider community expressed concerns over the collapsing metrics Bitcoin SV’s hash rate is already minuscule when it comes to the robust Bitcoin [BTC]. At the time of writing, the hash rate figure was hovering near all-time low levels which made it even more prone to attacks.

Its trading volume also went on a downward spiral. The price of the cryptocurrency is probably the only thing that has helped it from a total collapse. Along with the broader market, BSV also underwent a minor surge over the past 24-hours which catapulted its price to $124.73.

Litecoin, Bitcoin SV, Tron Technical Analysis On 10th November 2020

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The bull market was slowly giving in to the bears. With several greens turning into reds, the crypto market was in a frenzy. Litecoin, Bitcoin Cash, and Bitcoin SV were seen witnessing major slumps. The global market cap was seen collapsing by 1.48% as it was noted at $441.96 billion. Bitcoin was continuing its efforts to hit $16K as its dominance stood at 64.1%.

Litecoin [LTC]

LTC, the silver to Bitcoin’s gold was once one among the top five coins, however, the altcoin was seen all way in the eighth position. At the time of writing, LTC was trading at $58.39 with a 4.28% dip over the last 24-hours. Last week, LTC was one of the best-performing assets as the coin had garnered gains over 10.38% over a period of seven days.

Litecoin, Bitcoin SV, Tron

LTC was going green and welcoming bulls into its market as the key indicators revealed strong bullish sentiment. The Parabolic SAR formulated dotted lines below the candlesticks barring a downtrend. The Awesome Oscillator formed green closing bars and indicated the presence of bulls.

Bitcoin SV [BSV]

BSV slumped all the way down to the eleventh position as its market cap was noted at $2.944 billion. The coin was also seen traversing into the bears’ zone as its price was dropping by 3.60% over the last 24-hours. During press time, BSV was priced at $158.56.

Litecoin, Bitcoin SV, Tron

Bears were going to prolong their stay in the BSV market. The Chaikin Money Flow indicator was headed into the bears’ den as the CMF marker was going below zero. The Relative Strength Index indicator also highlighted a sellers’ sentiment as the marker was all the way at 40 median.

Tron [TRX]

Justin Sun’s coin, TRX had witnessed an uptrend over the last few days, however, a major slump had hit the TRX market as the coin was spiraling down by 1.72% over the last 24-hours. TRX was trading at $0.02500, at the time of writing and its market cap stood at $1.791 billion.

Litecoin, Bitcoin SV, Tron

TRX was headed for a trend reversal as the bears were ending their brief stay in the TRX market. The MACD line took over the signal line on TRX’s short term price chart and formed a bullish crossover. The Klinger Oscillator also followed suit and formed a bullish crossover.

Blockstream Exec Identifies Bitcoin SV Multisig Bug

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Bitcoin SV has been one of the most controversial crypto-asset to ever exist. In the latest news, a BSV user reportedly lost nearly $100,000 due to a multisig script bug. The hackers purportedly exploited the network vulnerability in a bid to steal the assets of a user.

Adam Back, the CEO and Co-founder of Blockstream said,

“Wow, that’s a nasty BSV-only bug. Less than or equal instead of greater than or equal (number of signatures in a multisig). Presume they removed the standard p2sh multisig and replaced with this bugged home-brew multisig due to BSV anti-soft fork posturing, to undo soft-forks.”

The exploit was noted by another Blockstream Co-founder, Gregory Maxwell. Following which well-known Podcaster, Ruben Somsen tweeted,

So what happened with Bitcoin SV?

According to Maxwell, BSV ripped out P2SH from their consensus rules which left the Bitcoin SV ecosystem in a situation where they had to “home brew their own multisig crypto”. The solution to this was “electrumsv” which apparently is just a script that looks like a P2PKH [pay to pubkey-hash]. However, it adds up the number of passes and compares them to a threshold.

The exec went on to explain that the consequence was that these scripts had no security at all and furthermore could be spent by a script that sets is to zero valid signatures. While no real funds were lost and that the flaw was likely accidental, Maxwell added,

“Assuming the flaw was accidental, the error could have been avoided with even the most basic testing or review.  This situation would have been avoided entirely had BSV not ripped out the competent, time tested, and highly peer-reviewed mechanisms for multisig by Bitcoin in favor of far less efficient homebrew crypto. Yet again, we see that bamboozlement and competence are not good bedfellows. Leave it to BSV to make the YOLO incompetence of ETH land look comparatively reasonable.”

This is not the first time that Maxwell identified a potential bug in BSV. Even in December 2019, that could be executed to steal unsplit funds of BTC users on the Bitcoin SV chain.

Despite the recent turn of events,  BSV’s price action has not shown even a little reaction as it continued to move inside the range. At the time of writing, it was being traded at $165.12 after a minor surge of 1.68% over the past 24-hours.

Bitcoin Cash, Cardano, Bitcoin SV Technical Analysis On 27th October 2020

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The cryptocurrency market noted a minor uptick of 0.91% over the past day which drove the collective market cap to $401 billion. Bitcoin and the rest of the altcoins were consolidating and hints of a potential breakout on either side remained appeared bleak.

Bitcoin Cash [BCH]:

BCH 3 e1603801015804

Over the past 24-hours, Bitcoin Cash [BCH] noted a minor decline of 0.91%. It was being traded at $265.75 as it held a market cap of $4.93 billion and a 24-hour trading volume of $2.96 billion.

It was oscillating close to a vital resistance level of $266. The dotted markers of Parabolic SAR supported the candles from a price downturn. The RSI, however, formed a bearish divergence as it created an overbought reading shortly after by a lower high that matched corresponding higher highs of the price. Hence, the bias was towards the bears.

If BCH manages to maintain this level of resistance, it could witness a climb to another resistance level of $291. However, if the bears overpower, it could retrace to its support of $223.

Cardano [ADA]:

ADA 5 e1603801809266

Cardano [ADA] started out the second half of the year on an impressive note. It was priced at $0.104 after a dip by 1.22% over the past day and at the time of writing, the coin registered a market cap of $3.24 billion and a 24-hour trading volume of $998 million.

The latest technicals do not seem very optimistic about ADA. The red closing bars of Awesome Oscillator signaled a bullish momentum for the coin in the near-term. The Chaikin Money Flow also slid below the zero-line depicting a bearish phase and hence an outflow of money from the coin market.

ADA’s could see its losses extend to the recently surpassed $0.092 if the bearish pressure gains control while its immediate resistance stood at $0.124.

Bitcoin SV [BSV]:

BSV 1 e1603801895765

Bitcoin SV [BSV] fell by 2.54% over the past 24-hours which drove the coin’s price to $175.5 as it recorded a market cap of $3.25 billion and a 24-hour trading volume of $1.24 billion.

BSV, too, was a little below its overhead resistance of $176. The reading line was hovering above the signal line in Klinger Oscillator which depicted a bullish phase for the fork coin. Additionally, the MACD generated a strong buy signal as it formed a bullish crossover over zero. A move by the MACD into bullish territory essentially confirmed that BSV was heading to make more gains.

If this materializes, the token could further target the $203-level as it firmly supported at $142.

Bitcoin SV, Chainlink, Monero Technical Analysis on 15th October 2020

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The bulls and the bears were seen fighting in the crypto market as a few currencies were seen bleeding while the others were enjoying their stay amidst greenery. Just when the global crypto market cap was on its way to hit $400 billion, it depleted down to $360.84 billion with a 0.16% daily decrease. Bitcoin’s journey to $12K was interrupted as the king coin was seen at $11,392.19, during the time of writing.

Bitcoin SV [BSV]

Even though Craig Wright’s case took a downturn the price of BSV seems to be unaffected. The eleventh largest coin was trading at $170.46 while its market cap remained still at $3 billion. Over the last seven days, BSV garnered gains up to 4.03% while the coin’s daily increase was only 0.21%.

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The bulls were seen getting comfortable in the BSV market. Earlier today the MACD line took over the signal line and formed a bullish crossover. A bearish crossover had been hindering the growth of BSV. The Klinger Oscillator was also bringing in optimism into the BSV market with a bearish crossover.

Chainlink [LINK]

After rising over 23.58% over the last seven days, LINK was seen dipping down for the last 24-hours. The altcoin was trading for $10.81, during the time of writing while its market cap was recorded at $4 billion.

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The fight between the bears and the bulls was noticed in the LINK market as the key indicators were exhibiting conflicting evaluations. Dotted lines were formed over the candlesticks eliminating the possibility of an upward breakout. This variety of formation often depicts a bearish sentiment in the market. The Awesome Oscillator indicator, however, formed green closing bars intimating the chances of bulls in the LINK market.

Monero [XMR]

Privacy coin XMR has been was one of the top gaining coins as it had incurred gains up to 17.13% over the week. At press time, XMR was trading at $128.79 while its 24-hour price change was at a negative 1.4%. The privacy coin recently surpassed TRX in terms of market cap and stood as the fifteenth largest coin with a market cap of $2 billion.

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It seemed like Monero was packing for a journey downhill as the bears were sitting still in the XMR market. The Chaikin Money Flow [CMF] indicator was exhibiting bearish sentiment as the CMF marker was way below zero. The Relative Strength Index indicator was pointing out a neutral sensibility in the XMR market.

Binance Coin, Bitcoin SV, Tron Technical Analysis on 4th October 2020

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The cryptocurrency market has been fairly stable and Bitcoin remained unfazed despite an eventful week that saw the Kucoin hack and CFTC announcing legal action against the crypto exchange, BitMEX. These are the signs of asset class maturing. At the time of writing, the global crypto market cap was found to be at $338.59 billion, a 0.63% increase over the last day.

Binance Coin [BNB]:

BNB e1601809866163

Binance Coin [BNB] was up by 2.89% over the last 24-hours driving its price to $28.33. At the time of writing, the token registered a market cap of $4.091 billion and a 24-hour trading volume of $474 million.

BNB’s price appeared to have topped out as the red closing bar of Awesome Oscillator depicted a shift towards bearish momentum Chaikin Money Flow also appeared to take a plunge near the zero-line, nearly a month later, suggesting a decline in the inflow of the money into the coin market.

If this trend persists, BNB could retrace its steps back to its previous level of support at $22.93 while overhead resistance remained unbreached at $29.38.

Bitcoin SV [BSV]:

BSV e1601811231206

Over the past 24-hours, Bitcoin SV [BSV] was down by 0.41% which caused a dip in its price to $161.01 as it held a market cap of $2.98 billion $491 million.

The fork coin was struggling close to its support level of $158.84. This was evidenced by Klinger Oscillator which depicted the reading line moving close to the signal line. Further reinstating the presence of bearishness was the MACD indicator which appeared to be heading for a bearish crossover in the near-term.

BSV was in a crucial zone at the time of writing. If the bulls fail to hold this level of support, BSV could fall to $106, a level that was last seen during the Black Thursday crash in March. Its immediate resistance level stood at $201

Tron [TRX]:

TRX e1601812507669

Riding on the success of the DeFi wave, Tron [TRX] has managed to breach significant resistances along the way. However, a 4.14% decrease over the last day caused the coin to drop to $0.0261. At the time of writing, TRX held a market cap of $1.87 billion and recorded a 24-hour trading volume of $1.49 billion.

The dotted markers above the TRX price candles resisted an uptrend exhibiting a bearish phase for the coin. The RSI was struggling to breach the 50-median line depicting a sentiment of sell-pressure among the traders in the coin market.

Monero, Bitcoin SV, Binance Coin Technical Analysis On 30 September 2020

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The cryptocurrency market seemed to be taking the slogan “Go Green” a little too sincerely as almost the entire market was seen painted in green. The last seven days have been quite eventful for several cryptocurrencies as the prominent and the lesser-known ones were raging by huge numbers. The overall market cap on the hand had witnessed a dainty drop of 0.15%. At press time, the global crypto market cap stood at $344.62 billion while BTC dominance was noted at 57.6%.

Monero [XMR]

Last year, the privacy coin, XMR was subject to immense scrutiny by several cryptocurrency exchanges. Despite this setback, the altcoin continued to reign the crypto market with its price. Trading at $99.28, during the time of writing, Monero was seen rising by 9.19% over the last seven days. While its daily price increase was at 2.74%, the market cap of the coin stood at $1.76 billion.

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Notwithstanding its promising performance over the past few days, XMR was seen heading towards the bears. Earlier today, the MACD indicator underwent a bearish crossover. With the MACD line reposing below the signal line, there were no signs of a bullish crossover anytime soon. The Klinger Oscillator also underwent a bearish crossover further affirming the presence of bears in the XMR market.

Bitcoin SV [BSV]

The ongoing case against BSV founder, Craig Wright doesn’t seem to have meddled with the price of the coin. During the time of writing, BSV was trading for $174.92 and had recorded a 14.71% surge since the last seven days. The coin continued to remain in the top ten as its market cap lounged at $3.24 billion.

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The bears and the bulls put up a fight in the BSV market. The Chaikin Money Flow [CMF] indicator was seen inclined towards the bears as the CMF marker was below zero. However, the Awesome Oscillator indicator was telling another story as it highlighted the strong presence of bulls by forming closing green bars.

Binance Coin [BNB]

BNB has undoubtedly been a top-performing coin while its price stood at $28.25, the market cap of the coin lounged at $4.08 billion. The daily price change of the sixth largest coin was only 1.55%, however, the coin garnered a 20.11% increase over the last seven days.

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It seems like the Malta-based crypto exchange’s native coin was going to prolong its stay in the bullish realm. Forming dotted lines below the candlesticks, the Parabolic SAR indicator was revealing a bullish sensibility. The formation of these lines affirmed the elimination of chances for a downward breakout. Relative Strength Index [RSI] followed suit as it assured a buyers’ sentiment in the BNB market.