Here Are the Main Reasons Why Bitcoin SV Went Parabolic Today

Bitcoin SV has kicked off 2020 in fine style. The controversial crypto asset, created by two hard forks, has already gained more than 220 percent since January 1.
Whereas other leading crypto assets have also started 2020 showing strength, none has experienced quite as epic a pump as Bitcoin SV. Just what is behind the sudden surge in buying pressure?
Bitcoin SV Pumping on a Myriad of Factors
The price of Bitcoin SV has increased considerably already this year. The digital currency, promoted largely by Craig Wright and Calvin Ayre, started 2020 trading at around $97. It has since grown to a market capitalisation of more than $5.6 billion and a price at the time of writing above $310.
There are a group of factors that appear to be converging to create a great deal of investor optimism in the Bitcoin SV project. Of these, the most important seems to be the belief in recent rumours that Craig Wright has received the last document of the mysterious Tulip Trust. He has previously told judges in the ongoing legal battle between himself and Ira Kleiman (the brother of his late business partner David Kleiman) that delivery of this document would allow him to settle the more than 500,000 BTC he has been ordered to pay to the Kleiman estate.
Yesterday, NewsBTC reported on the apparent appearance of the bonded courier who Wright had promised would deliver the missing document to him this January. Posts on Twitter showed Wright in a Slack group apparently confirming that he had indeed received the missing Tulip Trust information and is ready to submit it to the court next week.
The apparent news that Wright has now received the documents that may move him one step closer to being accepted as the creator of Bitcoin seems to have been capitalised on by Wright’s confidant, the online gambling entrepreneur Calvin Ayre. Ayre has been upping his efforts to promote Bitcoin SV of late with a string of hints that big things are coming to the network in the near future. This too has likely excited Bitcoin SV investors resulting in price gains.

Bitcoin SV (BSV) Forms Bullish Pattern That Has 60-64% Success Rate
Wednesday January 22, 2020

A textbook candlestick pattern is showing a very rosy future for Bitcoin SV (BSV). The fifth-largest cryptocurrency by market cap lately formed a Golden Cross – a bullish signal wherein an asset’s short-term moving...

The post Bitcoin SV (BSV) Forms Bullish Pattern That Has 60-64% Success Rate appeared first on 12bitplay - Bitcoin Play.

There is a ton of good news coming for the BSV platform over the next 6 weeks. Book explaining how Craig created Bitcoin by reputable journalist, CoinGeek and Genesis and some other things that are still confidential. Its going to be a fun few weeks.
— Calvin Ayre (@CalvinAyre) January 14, 2020

Who’s Accumulating Bitcoin? 784,000 Addresses Now Hold 1+BTC
Wednesday January 22, 2020

Studying Bitcoin wallets and the number of BTC they hold shows evidence of a growing pattern of accumulation of the digital asset. The number of Bitcoin addresses with a balance of more than one...

The post Who’s Accumulating Bitcoin? 784,000 Addresses Now Hold 1+BTC appeared first on 12bitplay - Bitcoin Play.

Potentially also adding to the sudden optimism amongst investors is an upcoming hard fork in Bitcoin SV. Known as the Genesis Upgrade, in an effort to distance itself from contentious hard forks like those that created BSV to begin with, the changes will see the blocksize limit completely removed. This, for those that believe increasing the size of blocks is the best way to scale a blockchain to enterprise levels, will make Bitcoin SV the most useful cryptocurrency in existence. The upgrade is due to take place on February 4.
Finally, all of this is taking place on a background of a growing Bitcoin SV “cult following in China”. China-based reporter Dovey Wan recently posted the following video of a reasonably well-attended BSV conference held in the nation late last year.

Bitcoin Just Closed Beneath This Key Level and It Isn’t Good for Bulls
Tuesday January 21, 2020

Bitcoin has had a rocky past few days, surging to highs of $9,200 this past Saturday before meeting insurmountable resistance that has sparked a short-term downtrend. This downtrend has led BTC into the mid-$8,000...

The post Bitcoin Just Closed Beneath This Key Level and It Isn’t Good for Bulls appeared first on 12bitplay - Bitcoin Play.

BSV has a pretty strong cult following in China… its recent local summit is VERY eye-opening
The development of our belief system got super long feedback loop, an ill-logical but well-told story can grab solid mindshare too
An organism without self-correction it’s a cancer pic.twitter.com/S6ZiIjtig3
— Dovey 以德服人 Wan (@DoveyWan) December 23, 2019

Wan describes the Bitcoin SV community in China as one suckered in by an “ill-logical but well-told story”. Even more scathing to the project, she adds:
“An organism without self-correction it’s a cancer.”
 
Related Reading: 45% Bitcoin SV Daily Gains Puts Bitcoin Cash ‘Flippening’ on the Cards
Featured Image from Shutterstock. The post appeared first on NewsBTC.

You may also like...