BitcoinSV, (BSV)’s value took a drastic plummet by 17% yesterday evening after the news broke that Craig Wright was unable to show proof that he has the keys for the $9 billion dollars worth of Bitcoin that he claims to own, Cointelegraph reports.
According to market data from Coin360, BSV owners had a challenging 24 hours after weeks of gains. This came after latest details emerged in Craig Wright’s court process.
Craig Wright was unable to prove that he was the real Satoshi Nakamoto as he failed to provide the keys to the Bitcoin linked to Nakamoto. Wright had claimed that BSV’s BTC’s hard fork, was the ‘real’ Bitcoin. The claim by Wright caused BSV’s value to rise to an all-time high at $436.
During Wright’s ongoing multimillion-dollar court battle, to determine his identity, the evidence provided did not show the courts proof of ownership of the private keys. Wright’s lawyer Andres Rivero confirmed that the documents handed over to him by Wright had no private keys, as reported by Decrypt media outlet.
Prior to this information being made public, BSV price had already started its downward fall from its highest value to $262, at press time, which is a 40% fall from its peak that occurred on Jan.15.
Although Bitcoin’s price has surged in recent days, the value of BSV now appears not to be tied to Bitcoin’s, but seems more to react from claims by Wright.
The court details led to a frenzy on social media commentators with some posting memes to show fake Bitcoin transactions being shared in different platform.
Following this newest development, BSV is no longer listed as the 4th largest per market cap, which it had overtaken from Bitcoin Cash(BCH), a fellow Bitcoin hard fork. In the last 24 hours, Bitcoin Cash compared to USD has gained about 7%.
Among the top twenty cryptocurrencies, it is only Dash which has lost as much as 15% like BSV after a sudden surge in January.