Over the past 24 hours, Bitcoin SV price has risen by over 100% which saw the coin quickly double its price and move the 8th position according to Coinmarktecap.
As of writing time, Bitcoin SV is trading at $228, up from $95 one week ago and about $55 two weeks ago.
The coin is still showing some bullish signs as it breaks through the $180 and $200 hurdles and is now building resistance at around $230. Should this hold up, the coin could be heading towards $260 within the coming day.
Other coins which are also enjoying some gains include ETH, BCH, ADA and TRX.
Why is Bitcoin SV price outperforming other coins?
The obvious answer could be, “people are buying”. However, many think that the urge from people to buy is based on what they call “fake news” which is and has been going around claiming the coin’s main backer, Craig Wright is Satoshi and has been granted copyrights ownership to Bitcoin’s white paper.
Many within the crypto community believe this to be false and are unhappy with Craig’s claims.
Earlier this week, some news outlets reported that he was granted the Copyrights to the white paper. This was later discovered to be another false news as he has not been granted ownership over the Whitepaper based on information from the Copyrights office.
The above manipulations saw Bitcoin SV price rise from about $50 to over $100 in one week.
The main news behind the current price increase of over 100% within 24 hours has to do with scammers who claimed Craig Wright had moved $50K from Satoshi’s wallet to prove he is Bitcoin’s creator.
It is also said that the people behind this scam used Coinbull’s logo to make their scam look legit. Coinbull is a Chinese cryptocurrency exchange. This saw news outlets in the region spread the news as well.
Coinbull has since then sent a message on WeChat stating it is not associated with the news that is circulating claiming CW is Satoshi.
Such scams are mostly orchestrated by people who either have an interest in Bitcoin SV or want to make money out of a price increase.
Nevertheless, The Bitcoin SV price keeps rising as of press time and it is to be seen whether the coin will hit $260 within the next day or if it will be met with a massive drop.
You may also be interested in:
- Here is why Bitcoin’s price is rising according to BitPay CCO
- Facebook’s Globalcoin vs Bitcoin; why Globalcoin is an advantage for Bitcoin