The recent Bitcoin SV (BSV) first started when backing the cryptocurrency took legal action against popular figures within the crypto community who had been outspoken against both BSV and its mastermind, Craig Wright – who is widely seen as a charlatan who incessantly claims that he is the true Satoshi Nakamoto
BSV, which was just recently delisted from the world's largest cryptocurrency exchange, has since been delisted by other major exchanges as well and has found itself caught in a downwards tailspin that has send the spiral down to set fresh year-to-date lows
Bitcoin Cash the Big Winner of the BSV Imbroglio
This recent price drop and the growing trend of major exchanges delisting BSV ̵
Bitcoin Cash – whi ch underwent a hard fork in late-2018 that resulted in the creation of BSV – has surged from weekly lows of $ 260 to highs of nearly $ 330, before settling on its current price of $ 318.80.
Bitcoin SV, on the other hand, has plummeted over the past several days, and is currently trading down over 12% at its current price of $ 55. BSV has plummeted from its one-week highs of roughly $ 85, which was last Wednesday.
Although Bitcoin Cash may directly benefit from Bitcoin SV's tailspin, analysts still expect it to see further downside in the near-term.
] The Cryptomist, a popular cryptocurrency analyst on Twitter, shared her thoughts on where BCH is heading next, noting that a bear division on its RSI may signal that further downside is imminent, despite its recent strength.
"$ BCH This has been one of my biggest winners in the last couple of months! I would not fomo in atm, we have a double top on candles and bearish div on RSI. Expecting a Little Mood, ”she said.
This has been one of my biggest winners in the last couple of months!
I would not fomo in atm, we have a double top on candles and bearish div on RSI. Expecting a little retracement.
Ignore the diagonal line on chart, experimental for now 🙂 pic.twitter.com/FMQd982xpL
– The Cryptomist (@TheCryptomist) April 16, 2019
Bitcoin SV May Continue to Plunge as More Exchanges Delist it
BSV's recent drop is directly linked to Binance choosing to sell it from their platform – a decision that led to other exchanges to follow suit. Erik Voorhees, the CEO of cryptocurrency exchange ShapeShift, tweeted that his exchange would also be part of BSV from their platform.
“We stand with @binance and CZ's sentiments. We decided to run Bitcoin SV #BSV from @ShapeShift_io within 48 hrs, "he concisely noted.
– Erik Voorhees (@ErikVoorhees) April 15, 2019
Blockchain .com also announced that they would be delisting BSV by May 15th.
"In the next thirty days, we will even close out support for #BSV transactions. To use #BSV, go somewhere else! ”Peter Smith, the CEO and co-founder of Blockchain.com, explained in a tweet
— Peter Smith (@OneMorePeter) April 15, 2019
The latest cryptocurrency exchange to announce that they would be delisting BSV is Kraken, which recently tweeted that "the people have spoken" adding that they would be delisting Bitcoin SV, marking another significantly to the embattled cryptocurrency.
The people have ghosts. Kraken is delisting BitcoinSV: https://t.co/8lSUfEYUYr#delistBSV
— Kraken Exchange (@krakenfx) April 16, 2019
As more exchanges jump on the band wagon and is Bitcoin SV, it is highly likely that Bitcoin Cash will continue to reap the rewards and may see further gains in the near future.
Featured image from Shutterstock.