Craig Wright’s Bitcoin SV Falls to Lows Against Bitcoin
Bitcoin SV (BSV) is trading near its all-time low in the dollar. Against Bitcoin, it has already reached that unfortunate distinction.
The Bitcoin spinoff known as Bitcoin SV (Satoshi’s Vision) has dropped to its lowest price ever.
Furthermore, BSV has lost value against BTC since the beginning of 2020. According to Tradingview, it has declined by almost 98% against Bitcoin, from where it was spawned from a spawn (Bitcoin Cash).
The controversial crypto-asset is currently trading at 0.0011 BTC per BSV, an all-time low.
Is Bitcoin SV dead?
BSV was created in late 2018 as a hard fork of Bitcoin Cash (BCH). It had a vision to become more technologically advanced regarding the continuation of the original Bitcoin protocol.
The fork followed clashes between rival communities over the technical specifications of the Bitcoin blockchain and its subsequent iterations.
One group was backed by entrepreneur and BTC pioneer Roger Ver and Bitmain’s Jihan Wu. They promoted a version called Bitcoin ABC (short for Adjustable Blocksize Cap). This will maintain the block size of 32 megabytes.
The controversial Craig Wright and billionaire Calvin Ayre led the other group. Their version, Bitcoin Satoshi Vision, would increase the block size limit to 128 megabytes.
BSV has had a rocky ride since its inception just over four years ago. In August 2021, the blockchain suffered a 51% attack where miners managed to gain control of more than half of the hash power. In addition, the network was attacked again in October 2022.
In January this year, BSV was delisted from the trading platform Robinhood, which caused prices to fall further.
Earlier this month, Chartered Financial Analyst, Timothy Peterson, labeled BSV as the “s**test of all **coins”.
In addition, BSV supporter Craig Wright, who also claims to have invented Bitcoin, has caused problems recently. Wright has contemplated a lawsuit against Apple following the discovery of the Bitcoin Whitepaper embedded in Apple’s operating systems.
BSV Price outlook
Basically, the price outlook for BSV is not pretty. The Bitcoin Cash spinoff was trading for just under $36 at the time of writing. Its all-time low is around $32, last seen in early March.
Also, BSV has recouped a whopping 93% from its April 2021 all-time high of $490. It has failed to gain any traction during this year’s rally and is quickly heading for the label “dead coin.”
Disclaimer
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