Traders Point Finger at BCHSV as Markets Tumble
[TL;DR] Unconfirmed reports that Bitcoin Cash SV team are crashing Bitcoin markets in order to prop up BCHSV in ongoing fork war.
Over the last 24 hours Bitcoin has fallen by 11%, dragging the total cryptocurrency market with it to a valuation of just $107b. Ethereum was one of the most greatly affected, dropping 16% to $85 in the latest development of the devastating bear market.
But while all over cryptocurrencies tumbled, Bitcoin Cash Satoshi’s Vision (BCHSV), headed by Craig Wright, (often referred to as fake Satoshi) rose in price by over 20%. It has now overtaken Tether, and is the fifth most valuable crypto with a market cap of $1.9b.
This turn of events has taken many in the community by surprise, with BCHSV largely failing to convince both investors and exchanges that it is the legitimate chain.
Many in the crypto communities have cried fowl, alleging that billionaire backer of BCHSV Calvin Ayre has been mass selling his Bitcoin reserves, using the capital to pump and prop up BCHSV.
One user on the r/BitcoinMarkets daily discussion thread summarized:
“most of us by now have figured out the correlation between SV going up and BTC going down so it doesnt [sic] matter what you think, important is how long Craig Wrigth [sic] and Calvin Ayre can play this game.”
While evidence has yet to prove conclusive, (accusers cite a historical Bitcoin wallet moving some $250m and mass selling pressure), the accusations are not entirely unwarranted.
In fact, the BCHSV team had previously promised to crash Bitcoin and the wider market in exactly this way, in an effort to defeat Bitmain and rival fork BCHABC. Just last month Craig was threatening:
It’s important to note that markets are highly complex systems, and it’s often a futile endeavor to look for one single driving factor.
Regardless of whether or not BCHSV, Craig Wright and Calvin Ayre are driving this recent crash, the hash war is doing considerable damage, both to investors and to the reputation of digital currencies in general.
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