XRP Bagholders Search For Hopium, Did they Find it?

After making a move before the weekend that gave hope to the bagholders, XRP took a dive yet again.

The fourth-largest cryptocurrency by market cap is currently trading at $0.176 in red like the majority of the market. In the past week, it has dropped by over 6% and 12.5% in the past year.

In the USD market, XRP is able to hold off some losses but in the BTC market, it has dropped to a new low. On June 27th, XRP/BTC dropped to 0.000019 which was last seen in December 2017 just before it exploded to an all-time high of $3.92.

Just like XRP, Bitcoin Cash (BCH) is another cryptocurrency that fell to a new low of $0.0240 against BTC.

The situation of XRP prices is so dire that XRP bagholders are going to great lengths to make bizarre connections.

Ripple CTO David Schwartz today took to Twitter to question the 900 years old horse “trough” and XRP investors where Schwartz was indirectly talking about the end of XRP’s declining period.

Not so bizarre for the bagholders, apparently!

Schwartz may not have been giving the investors hope but trader DonAlt is surely providing the much-needed ‘hopium’ to the XRP community.

DonAlt posted a chart where he pointed to about a 500% increase in XRP price. But it’s not all bull talk as he also painted another 38.5% drop from the new low. Or it could very well fall into oblivion.

Another dose of hopium was in the form of SBI Holdings’ crypto fund. Reportedly, the Japanese financial conglomerate SBI Holdings has announced the launch of the country’s first cryptocurrency fund with 50% of its assets to be in the XRP and 30% in Bitcoin (BTC) and 20% in Ethereum (ETH).

A long-term Ripple partner, SBI is also planning to roll out its Security Token Offerings (STO) exchange by this year end and has started working on products that it would offer on the exchange’s release. It has already launched a crypto exchange called SBI VC Trade.

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Author: AnTy

Bitcoin Passed its First Stress Test & Turned Out More Resilient than Other Asset Classes: JPMorgan Report

Bitcoin took its first test and has got “mostly positive” results, according to JPMorgan Chase & Co.

This test was the sell-off in March when the price of bitcoin crashed more than 40% just like many other markets — stock market, bonds, and gold — as economies shut down and investors fled riskier assets in favor of cash due to the coronavirus outbreak.

But bitcoin emerged largely unscathed and the digital currency has already recovered 150% as per the bank’s reports titled “Cryptocurrency takes its first stress test: Digital gold, pyrite, or something in between?”

The fact that cryptocurrencies survived the madness of March suggests its “longevity as an asset class,” wrote strategists at the bank led by Joshua Younger and Nikolaos Panigirtzoglou.

But, they also said, “price action points to their continued use more as a vehicle for speculation than medium of exchange or store of value.” Bitcoin is also looking to be correlated to riskier assets like equities, said the strategists.

Bitcoin is yet again moving in line with the equities market this week after the Federal Reserve announcement about not increasing the interest rate till 2022. The flagship cryptocurrency dropped about 8% while S&P 500 had its worst slump in 12 weeks. Then it started gaining and has rebounded to $9,400 but is still halfway off $20,000 peak.

In its May report, the bank whose CEO Jamie Dimon once called bitcoin “fraud” said that bitcoin’s intrinsic value has effectively doubled.

Bitcoin Stayed Close to its Intrinsic Level

Since bitcoin’s creation in 2008, the March crash was the first stress test experienced by bitcoin. The strategists point out that the relatively nascent existence of the coin was what precluded the stress test from happening.

During the sell-off, bitcoin was volatile but the same was the case for most traditional asset classes as well.

The good thing was, during the March panic, the valuation of bitcoin didn’t diverge much from its intrinsic level, meaning the market value dipped below mining costs only briefly. In other words, during the shock period like in March, traders might rush for the safety or more liquidity of the crypto market but what we saw was most cryptos fell at the same time.

“That suggests that there is little evidence of run dynamics, or even material quality tiering among cryptocurrencies, even during the throws of the crisis in March,” strategists wrote.

As a matter of fact, the market structure of the world’s leading cryptocurrency turned out to be more resilient than those of equities, gold, Treasuries, and currencies, they wrote.

Liquidity which is directly related to volatility was measured for this, when the order book thins, a given transaction could result in a larger price change and vice versa.

Although bitcoin recorded one of the most severe drops in its liquidity around the peak of the crisis, the disruption didn’t last long and it rebounded much faster than any other asset classes.

Latest Bitcoin Price News and Crypto Market Updates

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Author: AnTy

Bitcoin Difficulty Sees 2nd Largest Drop of 2020 to 9.29%; Hashrate & Price Continue to Dance

Today, the bitcoin network difficulty took a drop of 9.29% to 13.73 trillion, as per Coinwarz.

This is the fourth downwards adjustment this year after -0.3% in February, -15.9% in March, and -6% in May. Also, the second largest downward adjustment of 2020.

Bitcoin-Difficulty
Source: CoinWarz – Bitcoin-Difficulty

This decline will make mining bitcoin easier as while difficulty was high, more and more hash power was being added to the network, hash rate is currently near 120 Th/s, making it hard to mine BTC.

Post halving, the time to find the block went over 14 minutes, 40% higher than the average 10 minutes, as per Bitinfocharts.

On May 20, the block time dropped under 10 minutes but soon found its way above 10 minutes and had yet to find the balance.

This downwards difficulty adjustment, the second after the halving will help in bringing the block time to 10 minutes. This adjustment took the difficulty back to early January levels but while the price was under $8k at that time, currently we are trading around $9,750.

On March 10, the bitcoin network difficulty reached its all-time high of 16.5 trillion. At that time, BTC/USD was trading around $8,000.

Hash Rate and Price Dance

After the third bitcoin block halving last month, the bitcoin hash rate dropped nearly 50% from the high of 151.9 Th/s on May 11, the day of halving. Since then, the hash rate has been gradually trending upwards.

“Hashrate and price continue their dance: up and down. Sometimes lagging, sometimes not,” stated F2Pool, the China-based second-largest bitcoin mining pool.

After the bitcoin price crashed in March, revenue per Th/s was not sufficient for some miners to remain profitable as such they had to either switch off or move machines.

Unprofitable miners from China, Canada, USA, or Europe, usually end up in locations like Kazakhstan, Russia, the Middle East, and South America, said to Thomas Heller, Global Business Director at F2Pool.

Bitcoin halving further made things worse for miners as the miner inflow got reduced by 50%. But now, the hydro season is coming in China, which occurs from the end of May to the end of October resulting in the “all-in hosting” price to drop to $0.03/kWh from $.055/kWh.

The drop in cost will make mining less expensive, as such “May’s hashrate growth matches BTC’s move up, despite the post-halving revenue drop.”

Meanwhile, transaction fees, which as a proportion of mining revenue is still significantly higher, are providing some “additional buffer” for miners to keep their older mining rigs online post-halving.

However, over the past week, miners sold more BTC than they generated. The same behavior is seen this week as on June 2nd, the miners sold 9% more BTC than they mined. However, given that miner flow is cut in half, BTC sent to exchanges by miners is low in comparison to pre-halving numbers.

Miners selling might also not really be a bad thing because miners HODL during a weak market as it can’t take the pressure while miners selling indicates the market is well supported.

The miner’s rolling inventory (MRI) is still high at 105% today, above 100% means miners are selling more than they mine and below 100 indicates miners are amassing inventory.

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Author: AnTy

Binance CEO: Once QE Money Starts Flowing, BTC’s Price Will Go Up ‘Very Dramatically’

  • “Since coronavirus took over, business-wise the platform is doing really well” – CZ
  • COVID-19, QEg, depression, and countries printing a lot of money will boost crypto prices
  • Already, they are seeing “business demand” on the platform growing

The leading cryptocurrency exchange Binance recently acquired the crypto data site CoinMarketCap for $400 million which according to Binance CEO, Changpeng Zhao, is based on a long-term vision.

CZ has maintained that the site will continue to work independently and provide access to crypto data and be the “landing page of crypto.”

CMC hasn’t been expanding super aggressively because of their small team and growing organically, he believes,

“it is one of the most valuable platforms in the industry and I think we’ll grow another 10x, 100x.”

CZ also announced the launch of a mining pool and shared that the goal is to build both POW for Bitcoin and POS for most other coins.

Volatility brings “phenomenal” numbers to exchange

In his interview with Anthony Pompliano on his podcast, CZ shared light on the finances and how despite the coronavirus induced fear triggering the market sell-off, they are having a good time, especially recently.

“The numbers we’re seeing are just phenomenal. So, in general roughly about 5x more volume than before. Since coronavirus took over, business-wise the platform is doing really well.”

The Futures market on Binance is clearly the number one feature, as per CZ.

Not just Binance, as we reported, other platforms like Coinbase and Kraken also recorded huge volume and onboarded new customers as the Bitcoin price went from $10,500 in mid-February to $3,850 in mid-March to now trading above $7,100.

This “Volatility is generally good for the business, for exchanges the worst is when the market is flat. When there’s volatility there’s always high volumes,” explained CZ.

COVID-19 and QE to work in favor of crypto

While countries are in lockdown to curb the spread of COVID-19, it has brought the world economy at a stop as businesses remain closed. But at the same time, some businesses are flourishing like that of crypto and video communication software such as Skype and Zoom. The reasons for the same according to CZ are,

“people are bored at home with nothing to do” and “the macroeconomic issues with quantitative easing people moving slowly back into crypto.”

In the current turbulent times, he said there are a “lot more opportunities” and he is expecting cryptocurrencies to “see a fairly strong boost combined with quantitative easing, depression, and countries having no other option but to print a lot of money.”

However, this money hasn’t entered the market yet and once it starts following, “most prices are gonna go up very dramatically and I think cryptocurrency will go up much more proportionally higher.”

Also, he sees more banks and financial institutions to take a look at cryptos and be more willing to work with crypto exchanges and payment services.

As specifically for Binance, CZ said,

“We’re seeing business demand on the platform growing and so we’ll so I think we’re kind of unique in that way where there’s a strong balance sheet supporting the business and that’s why we are very aggressive.”

During his interview, Zhao shed light on not wanting to be the first from crypto to have an IPO as it won’t offer them as much flexibility as they have now.

And the biggest misconception about him is that he controls the crypto prices because if he did, CZ said, “Bitcoin would be going straight up.” He shared that they don’t trade and,

“I’m always bullish. I always think the price is too low and for our business it’s much better for the price to be higher.”

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Author: AnTy

Current Market Environment A Big Test For Bitcoin.Bitcoin Achieves A Big Win Over The Stock Market In The First Quarter of 2020

Bitcoin was trading around $6,200 on April Fool’s Day, then the digital asset took a hike of over $500. Currently, we are trading over $6,750, up about 8.23% in the past 24 hours.

While the price of bitcoin jumped yesterday, US stocks closed in the red on Wednesday. The second quarter is not looking off to a great start, with the Dow, S&P 500, and Nasdaq Composite all finishing 4.4% lower.

Could this be the start of the decoupling? It’s to be seen as experts are still calling out the equities to find its bottom and if bitcoin manages to hold the fort then, it would be a good sign for the digital asset.

For now, major global markets are mixed on Thursday, with Futures markets pointing to a positive opening for Wall Street ahead of weekly jobless claims data expected later today in the United States.

Meanwhile, the longer-term Treasury bonds rose suggesting investors continue to see them as a safe haven asset. Gold prices also rose along with oil.

A Quarterly Win

Not just yesterday, Bitcoin has also decreased to less than the leading US equity indices in the 1st quarter.

In the 1st quarter of this year, the world’s leading cryptocurrency fell over 10% and in comparison, in the same quarter the Dow performance was it’s worst ever, with a loss of 23% of its value. S&P 500 also had its worst first quarter ever by recording 20% losses, the biggest quarterly loss since 2008.

Meanwhile, gold prices rose by 4% in the first quarter.

This volatility in three months had been the result of the coronavirus outbreak that turned into a pandemic, with an unimaginable amount of people infected around the globe leading to the shut of business and lockdowns.

The economic impact from the novel coronavirus is predicted to be drastic which contributed to an enormous sell-off in the markets even with central banks putting forth stimulus policies.

A big test for Bitcoin

Despite Bitcoin crashing 48% and still being under pressure, a shift might be taking place. Vijay Ayyar, from crypto exchange Luno said,

“Bitcoin is still a relatively smaller asset class that is increasingly uncorrelated to traditional asset classes and this is in the process of being established as we speak.”

“This is why I believe the current market environment is a big test for Bitcoin and given how young the asset class is, it has actually held up quite well.”

He pointed out how gold is an already established safe haven asset and bitcoin is “arguably a second choice at this point” given its small but growing user base. Ayyar said,

“Hence, we’re seeing bitcoin lag gold a bit in terms of performance, but one can argue that as we move along in the next few months and years, bitcoin starts to take larger share away from gold and we will see an eventual ‘flippening’ happen, where bitcoin is at, or larger than, the market cap of gold and market movements in bitcoin start to reflect the overall market more accurately”

Interestingly, the market has already started to see action as Coinbase reported a 5x increase in deposits, twice the new user signups, and three times more trading users in the 48 hours of the crash.

Another US-based crypto exchange recorded an 83% rise in its signups and a 300% increase in verification, that is the KYC process to deposit fiat money instantly. Kraken is also on a hiring spree.

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Author: AnTy

Demand for Internet Dollars: Crypto Investors Pile into Stablecoins for Safety

Over the past few weeks, stocks markets, crypto markets, everything took a brutal beating amidst the fear of coronavirus pushing the market into recession. Investors have been selling everything they can get their hands on, even safe haven assets like gold and bonds got sold off in a rush to the safety of cash.

From bankers, companies to individual investors, everyone has been dashing to stock up on cash to ride out the chaos. This flight to cash is causing havoc in a market that hasn’t been seen since the financial crisis over a decade ago.

The key concern now is liquidity, the ready availability of cash and other easily traded financial instruments for which the central banks have been pumping trillions of dollars in the market.

The lack of liquidity also saw non-US borrowers paying a premium to access dollars. The forex markets have been extremely volatile this week as small currencies depreciated dramatically against the US dollar as the investors seek a safe haven.

The three-month euro-dollar and dollar-yen swap spread rose to their widest levels since 2017 only to drop after central banks pumped in cash.

Central banks all over the world have also lowered their interest rates and introduced stimulus packages to dampen the negative effects of the coronavirus crisis.

Cryptos’ “Flight to Safety”

The same way there is a flight to the US Dollar amidst the global instability, in the crypto market, money is pouring into stablecoins.

While during the past few weeks, bitcoin and altcoins got hammered, the market cap of most of the stablecoins increased, reinforcing that investors are piling into crypto cash equivalents.

From March 10th through March 15th, Ethereum-issued Tether (USDT_ETH) market cap increased by about $300M. Coinbase and Circle’s joint effort, USD Coin (USDC) also had a huge gain, growing close to $150M in market cap since March 10th, reported Coin Metrics.

Recently, Circle CEO Jeremy Allaire tweeted about USDC’s market capitalization reaching ATH, “Fascinating to see “flight to safety” within the crypto macro market, but also demand for high quality USD liquidity for markets.”

In his series of tweets, Allaire shared his excitement, “It’s still rewarding to see that this entirely new, entirely digital, blockchain based monetary infrastructure is working.”

“Demand for internet dollars — digital, fast, global, secure, cheap to use — should increase significantly. People and businesses will want an architecture where they can make and receive payments with less counter-party risk and more security,” added Allaire.

Fiat is Winning

Stabelcoins provide ease of access to investors and traders along with enhanced liquidity. This led popular stablecoin Tether (USDT) to surpass the market capitalization of $5 billion “amid a surge in interest in crypto’s most liquid, stable and trusted currency,” and take over XRP’s second position, as per Messari.

Binance’s stablecoin also jumped into the race, the US-dollar pegged Binance USD (BUSD), which surpassed $100 million in mark cap in just six months. Ethereum-based BUSD trades almost exclusively on the Binance exchange and is backed by US dollars in an FDIC-insured US bank and audited on a monthly basis.

Cash is king and as evident from the increase in the stablecoins’ market cap, even in the crypto space, fiat is winning.

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Author: AnTy

Ethereum Price Crashes 13%; Co-founder Vitalik Buterin Sees ‘Increased Network Privacy’ Coming

As the Bitcoin price took a hit, so did the price of altcoins. Ethereum is down about 13% trading at $216 while managing the trading volume of $487 million on the top ten exchanges with real volume.

“ETH on the daily level around $228-229. It looks very bad. Losing it and I’d be aiming for $211 and probably $195 mainly,” said trader Crypto Michael.

Interestingly, crypto exchanges hold 31 million ETH in comparison to just under less than 3 million ETH locked in DeFi. The vast majority of these ETH held in exchange wallets is in centralized exchanges, with Coinbase, Huobi, Bitfinex, Binance, and Kraken holding the most.

Binance particularly hit its first 1 million ETH right at the crypto peak of Jan. 2018. Because Binance usually provides just one address per retail customer, the exchange saw the “largest influx” of customers around Jan. 2018. This means, the growth Binance saw in the last 18 months has likely been from the existing customers and non-Ethereum crypto assets, points out Alex Svanevik, co-founder at D5.

Network activity growth

The amount of unique ETH transferred on the network improved in February, indicating an uptick in total value transferred on the network, finds Maksim Balashevich, founder of Sentiment.

Meanwhile, a total of $3.39 billion worth of transactions took place on Ethereum in January but in Feb it remained below this number.

The total amount of gas used on the Ethereum took a sudden and significant dip last month following the drop in price. As such, the cumulative fees needed to successfully conduct a transaction on a contract on the network have been nearly at 6 months low.

However, the difference in token circulation in Feb. vs. Jan., there was a “modest” 1.2% increase that “should serve as a confidence booster to those expecting network activity growth, as it shows unique coins continuing to move between addresses.” Despite ETH’s price performance, the token circulation maintained its pace up close to 6-months high levels.

Debating ProgPow

A few days back, the Ethereum All Core devs had a call to decide on ProgPow that lasted 3 hours. Kristy Leigh-Minehan, one of ProgPow’s creators pointed out how it is easy to fix, follows a fast approach to tackle the issue, and is only exploitable under specialized scenarios.

The opponents, however, pointed out the vulnerabilities that highlight the inherent risk of changing the mining algorithm.

The potential of a sudden drop in the Ethereum hash rate was also discussed. Regardless of the algorithm active, GPUs with RAM of 4 Gigabytes and E3 miners of Bitmain (which makes for an estimated 40% of Ethereum’s hash rate) will be affected around April.

“With ProgPow it’s not clear to me why ASIC resistance would be a good thing,” and as such the change should not be made, argued anti-ProgPow Gnosis Co-founder Martin Köppelmann.

While Ameen Soleimani, CEO of Spankchain said it doesn’t make sense to deploy resources to changing Proof-of-Work when soon the network will transition to Proof-of-Stake.

“It’s a bunch of profit-seeking miners lobbying the Core Dev Political Committee to get what they want. Full stop,” he attacked the other side.

But Ethereum 2.0 being at least two years away still and 1.0 chain needs to be maintained functional. Ethereum founder Vitalik Buterin who was also present at the call did not share his views on the ProgPow.

However, in another event ETHLondonUK, Buterin shared that sharding will scale the network “somewhere between a factor of a hundred and a few hundred.” The next year, Buterin also sees Ethereum ecosystem having “increased privacy.”

“There’s definitely an ever-growing realization of the need to not have all of your activity be publicly linkable to all of your other activity,” said Buterin.

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Author: AnTy

Bitcoin Prepares for $7,500 as Next Stop while Exchanges’ BTC Balance Continue Surging

Earlier this week, bitcoin’s price took a hit, falling from above $10,000 to hit below $8,450.

Currently, BTC/USD is trading at $8,650, up 1.29% in the past 24 hours while managing the daily trading volume of $735 million.

Source: Coin360

Interestingly, despite ongoing losses, Bitcoin exchange balances have doubled since Jan.1, 2018. With OKEx, Binance, Bitfinex, Huobi, Bittrex, Bitstamp, Kraken and Deribit all recording growth in BTC balance, noted analyst Ceteris Paribus.

There are two events that altered its trajectory, such as the crash of November 2018; when bitcoin prices fell from about $6,000 to $3,200 in Dec. and hit the bottom.

The second event was the start of the bull run in 2019. During this period, the New York Attorney General launched an investigation into Bitfinex and Tether’s $850 million cover-up.

“Regardless of price action, more and more is getting sent to exchanges,” Paribus observed.

If Bitcoin Heads South, Prepare for Another >10% Drop

Bitcoin took an almost 16% drop but is still up 18% in 2020 so far. This fall came amidst the coronavirus scare that has the stock market seeing the biggest weekly drop since the recession in 2008.

Yesterday, however, bitcoin futures on the regulated platform – CME – expired, which fully closed the $8,500 gap. Investors expect a bounce, but if the markets take one more southbound step, losing it its current level: trader Crypto Michael estimates that Bitcoin will keep heading down until $7,500-$7,700.

Analyst DonAlt is also expecting some crazy action because the world’s leading digital asset won’t keep on ranging.

The “nasty” bearish candle Bitcoin has printed is now sitting on top of the 50 percent retrace of the 2019 bull market, along with the 50-week moving average.

Just like other commentators, analyst Magic sees “a continuation in selling pressure” if Bitcoin breaks below these levels. But, if Bitcoin finds support here, we could also see a nice rally.

While the analyst argues that there’s “absolutely zero” evidence to support the completion of an inverted head and shoulder pattern leading BTC to the upside. If it does, the digital asset can climb towards $20,000, its previous all-time high.

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Author: AnTy

Craig Wright Claims ‘Attorney Privilege’ In Tulip Trust Case On 11,000 Crucial Documents

  • Kleiman vs Wright case took a new turn as Craig Wright, “Faketoshi”, claims attorney-client privilege.
  • The defendant has claimed attorney privilege over 11,000 documents released to him by a third party.
  • Kleiman’s lawyers claim abuse of privilege by Craig Wright in settling the $10 billion USD lawsuit.

The prolonged Kleiman vs Wright case has taken yet another turn as the defendant raised a plight of attorney-client privilege after failing to provide the alleged bonded courier. Craig Wright (defendant), self-proclaimed “Satoshi”, stated in court earlier this year, that he had received a bonded courier with over 11,000 Bitcoin addresses from a third party. However, when the court ordered him to produce the documents, Craig’s legal team is claiming attorney-client privilege on the documents.

Furthermore, the defendant claims the bonded courier is a lawyer hence no information can be shared in court yet. This back-and-forth from Craig’s camp has seen the Kleiman estate file for abuse of privilege by the defendant. The statement from Kleiman’s counsel read,

“Craig [Wright] has improperly withheld documents as privileged.”

Wright told the courts multiple times that he was awaiting a bonded courier to arrive in early January with the documents that will help him access the encrypted files. The files would then offer access to the 1.1 million Bitcoins (~$10 billion dollars) in the wallet. This is known as the Tulip Trust, which is largely controlled by Wright.

Since expiration of the court deadline to produce the files, Craig has been on the edge with the latest court hearing on February 3rd, witnessing “Faketoshi” claiming attorney privilege.

Craig used 18 companies listed by the Kleiman’s counsel to claim privilege. The lawyers released a statement reporting,

“Based on that investigation, plaintiffs [has] determined that all but two companies and Nchain have already ceased to exist; and those two are in the process of being liquidated by an external administrator in Australia.”

Notwithstanding, the self-proclaimed founder of Bitcoin, further claimed privilege on the bonded courier that brought the 11,000 files saying the courier is a lawyer. This means the lawyer cannot testify in court on the matter with the lawyer’s communication privileged.

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Author: Lujan Odera

Bitcoin SV Price Falls Hard After Craig Wright’s Lawyer Reveals He Has No Private Keys

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.

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Author: Joseph Kibe