After a day of lower volumes of trading and its parent blockchain undergoing a major up gradation on Tuesday, the price of Bitcoin SV (BSV) decreased acutely. Bitcoin SV removed block size limits that was keeping blockchains away from achieving full-fledged scaling ability. The coin fell by up to 6.08 percent stopping the final score at $265.40.
The former CEO of nChain, Jimmy Nguyen (he was the muscle behind the Bitcoin SV project) announced on social media site, Twitter that the upgrade became effective after the mining of Bitcoin SV’s block 620539, and its now a ‘good night’ from Team SV while the Bitcoin rises in the new dawn.
Overall the community celebrated but that did not transform into increase in demand for BSV. It showed no reaction to the “good news.” According to itscryptonews.com, one of the reasons of BSV not rising on the Genesis hard fork is its overbought status. The crypto-currency had registered a remarkable price rally earlier this year. It surged 144 percent in a day.
Bitcoin SV founder Craig Wright weeks later said that he knew who was behind pumping the BSV market. His claims lead to people believing that only certain few players can control the Bitcoin SV trading. This resulted into everyone thinking that there is a possibility of price manipulation and insider trading. Thus it lead to more decline in the BSV/USD exchange rate which was already in decline phase when Wright shared his views.
But according to the latest Bitcoin news, Wright failed to turn up the missing 1.1 million BTC units. It was said he had supposedly mined as Satoshi Nakamoto – the pseudonymous creator of Bitcoin. Bulls waited for Mr. Wright to release his bitcoin stash for BSV. This uncertainty whether or not Wright had the bitcoin led to a further drop in people investing in BSV.