Bitcoin SV (BSV) Notches 8% In The Last Day as Top Coins Bleed
October 03 2023 - 12:00PM
NEWSBTC
BSV has bucked a bearish trend amid the general crypto market
downturn, posting notable gains over the past 24 hours. Bitcoin SV
(BSV) recorded an 8% 24-hour price increase, while Bitcoin
succumbed to bearish pressure, dipping nearly 3% today, October 3.
As a result of today’s uptick, BSV now trades at $40.4,
representing an 8% increase in the last 24 hours. Also, the token
has recorded over 31% seven-day increase, regaining over 34% of its
past month’s gains. Related Reading: Solana Outperforms 2 Top
Altcoins – Its Ripple Effect On Prices These prominent strides
confirm buyers’ dominance in the BSV market today. However, given
the bearish state of the general crypto market, how long can BSV
sustain this rally? What factors triggered this dramatic surge?
Let’s find out. Bitcoin SV Price Surges Amidst Controversy
Surrounding CEO’s Resignation BSV price gains correlate with the
sudden resignation of nChain’s CEO, Christen Ager-Hanssen, on
September 29. nChain is a firm that offers blockchain-based
services related to the BSV chain. Its former CEO, Ager-Hanssen,
immediately announced his departure from the group on September
29. Ager-Hassen mentioned reporting several issues to the
nChain board, which included a conspiracy to defraud shareholders.
He also stated that a significant shareholder orchestrated the
conspiracy. Further, he claimed to discover evidence that BSV
creator Dr. Craig Wright manipulated documents to deceive the court
that he was Satoshi. However, Bitcoin SV’s supporter Calvin
Ayre reviewed Anger-Hanssen’s departure. According to Ayre,
Anger-Hanssen has never run a successful company and lies to steal
assets Notably, Bitcoin SV sparked to life after nChain released a
statement that Stefan Matthews would take over as acting CEO.
Recent Tweet By Supposed Bitcoin Founder Boosts Investor Sentiment
On BSV Another event that occurred around BSV was an October 2,
2023, tweet from an account claiming to be Bitcoin’s founder,
Satoshi Nakamoto. Interestingly, the last tweet from this account
was on October 31, 2018. According to a recent tweet,
Nakamoto stated that Bitcoin is a predicated machine. He revealed
his desire to explore other aspects of the project not contained in
the whitepaper. The tweet attracted positive reactions, with
one user stating that the first post since 2018 has to mean
something. Since Bitcoin BSV supposedly aligns with the
original Bitcoin vision, it benefited from this sentiment. The
reactions likely increased investor confidence, leading to massive
token demand and today’s 8% uptick. Although the real
identity of Satoshi Nakamoto and his involvement in this saga
remains a mystery, these controversies positively affected BSV’s
price. What Next For BSV? BSV has flipped the $32.6 resistance into
support to form a large green candle on October 2. It faces
the next resistance at the $40.4 price level. A break above this
level will likely send BSV up to $42. Since the Relative
Strength Index (RSI) indicator is in the overbought zone at 81.9,
it confirms the strong buying pressure pushing BSV
up. Nevertheless, traders should expect a slight retracement
in the coming days once the buyers begin to make a profit. Featured
image from Pixabay and chart from TradingView.com
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