While Bitcoin has seen a stellar day, rallying by 8% to a high of $8,880 on the back of sudden new-year buying pressure, other crypto assets have excelled, shocking investors across the board.
The most notable of these outperformers is the Satoshi Variant fork (BSV), the now-second largest cryptocurrency with the word “Bitcoin” in its name. This move has allowed BSV to surpass the Cash fork in the cryptocurrency rankings, taking the fourth spot behind XRP, Ethereum, and BTC.
Congrats on this, seriously. pic.twitter.com/OwgxaBL1bH
— eric.eth (@econoar) January 14, 2020
Earlier today, this outlet reported that BSV had gained 100% or so on the day, rallying to $350 on the back of more hype surrounding the project’s foremost proponent, Dr. Craig S. Wright, an Aussie programmer that claims to be Satoshi Nakamoto.
But over the past few minutes, the cryptocurrency has shot dramatically higher again, now reaching $430 as of the time of writing this, with the Bitcoin variant registering a 150% gain in the past 24 hours.
Per this outlet’s analysis of the timing of this latest move, the leg higher to $430 seems to be linked to the release of a document from Wright’s legal team.
New Document Sends Bitcoin SV Flying
Just an hour or two ago as of the time of writing this article, a document started circulating on the web. Published to CourtListener.com, a “free legal research website containing millions of legal opinions from federal and state courts,” and tied to a case in the Southern District of Florida, the new document purports do be related to the ongoing legal battle between the estate of Dave Kleiman and Wright.
The document, dated January 14th, says that “Dr. Wright notifies the Court that a third party has provided the necessary information and key slice to unlock the encrypted file, and Dr. Wright has produced a list of his bitcoin holdings, as ordered by the Magistrate Judge, to plaintiffs today.”
The document was issued in reference to Wright’s claim that he owns hundreds of thousands of BTC mined during the chain’s early days and another claim that he is missing a key to unlock the funds.
Analysts are currently questioning the legitimacy of the document, with there being no current official release from Wright and his team on this development. CryptoISO, a trader, jokingly posed the below question on Twitter, insinuating that the recent document has pushed BSV higher.
So people are forging court documents now to pump coins?
— CryptoISO (@crypto_iso) January 14, 2020
Though, it seems that there is a clear correlation between the propagation of this purportedly bona fide document on Twitter and the latest price increase in BSV.
The move is unlikely to last though, as noted by cryptocurrency content creator Alex Saunders of Youtube Channel “Nugget’s News.” He wrote in a recent Twitter post that “History has not been kind to those who acted on emotion rather than rationale,” noting that the recent rally in the popular altcoin is seemingly one based on emotion and not on rational.
In 2017 the "BCH is the real Bitcoin" narrative took over. Price ran from $100 to $4k before returning to $100. Today BSV is on a tear. I'm not sure if it'll get to $4k. History has not been kind to those who acted on emotion rather than rationale. $BTC $BCH $BSV #BitcoinSV #BSV pic.twitter.com/TlpjicTFv2
— Alex Saunders (@AlexSaundersAU) January 14, 2020
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