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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why Is Bitcoin SV (BSV) Up 63% Today? Find Out Here

Christian Encila
Christian Encila
1 year ago
3 mins read
Bitcoin SV

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Over the course of the past four days, Bitcoin SV (BSV) has witnessed a substantial surge in its price, marking an impressive milestone by reaching its highest point in the last 100 days. Remarkably, within this surge, BSV managed to breach the long-standing $40 horizontal resistance level, which had persisted since the month of July.

This recent surge in the price of BSV has sparked considerable interest among cryptocurrency enthusiasts and investors. It signifies a notable shift in the market dynamics, as BSV’s price trajectory has taken a positive turn after months of relative stagnation.

At the time of writing, BSV was trading at $53.84, up 27% in the last 24 hours, and erecting a solid 63% rally in the last seven days, data from crypto market tracker Coingecko shows.

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Bitcoin SV 100-Day High Signals Renewed Market Interest

The fact that BSV has achieved a 100-day high is indicative of a more sustained and potentially significant upward trend. This suggests that the cryptocurrency has garnered renewed interest from traders and investors, possibly driven by fundamental developments or market sentiment.

Bitcoin SV (BSV), which originated in 2018 as a hard fork of Bitcoin Cash with the aim of increasing scalability through larger block sizes, has experienced a notable revival.

Following an extended duration of rather stagnant price fluctuations, BSV has had a substantial spike of 57% subsequent to reaching a nadir in August. This resurgence in price enabled BSV to overcome a crucial resistance level which had been a significant barrier since July.

BSV has a market cap of $1.04 billion at the time of writing. Chart: TradingView.com

The recent surge in cryptocurrency prices is mainly driven by the widespread excitement surrounding the potential approval of a Bitcoin Exchange-Traded Fund (ETF) by the US Securities and Exchange Commission. This sentiment was further bolstered when the SEC chose not to appeal the legal case involving Grayscale.

However, the spike in BSV’s price can be attributed to a misleading article, which falsely claimed that the SEC had anticipated the launch of the iShares Bitcoin Trust, briefly causing Bitcoin’s value to rise to around $30,000 before rapidly declining.

Binance Relaunches BSV, Leading To Price Surge

Meanwhile, Binance – one of the world’s largest cryptocurrency exchanges – relaunched BSV through a USD-M BSV Perpetual Contract with 50x leverage on Friday, resulting in a 30% surge in BSV’s price and over $500,000 in short position liquidations, as reported by Coinglass.

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Bitcoin SV Climbs 22% – A Close Look At The Factors Behind The Surge

1 year ago

This move comes after a period of turmoil that began on April 15, 2019, when Binance delisted BSV because of a dispute between Binance CEO Changpeng Zhao and BSV creator Craig Wright, primarily over Wright’s claim to be Satoshi Nakamoto, the anonymous founder of Bitcoin, which resulted in alleged attacks on critics of his identity on Twitter.

Bitcoin SV’s recent price surge, pushing it to monthly highs, could propel it towards the yearly peak near $57, as it broke key moving averages in the $33-35 range and has been on an upward trend since August lows at $26. Notably, BSV has faced strong resistance from its 200-day moving average since early 2021.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Coinpedia

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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