Bitcoin SV goes down to $44 from $250, Sudden Surprise or Manipulation?

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Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.

Bitcoin SV price split crypto from Bitcoin and a member of Bitcoin Cash, experiences a sudden crash down to the US $44. It was a very unusual downfall for the stability of the market and it happened in a couple of minutes. This price was displayed on Bitfinex and garnered a lot of attention due to it. Was it an honest mistake on the part of Bitfinex or a potential price manipulation tactic, it sure made people suspicious.

Price Manipulation Theories

Nowadays, prices of cryptocurrencies are closely monitored and any discrepancy is recorded and a detailed study is done on it. So, BSV’s such astounding fluctuations were obviously picked up by the community. The price at the time at Bitfinex was $254 and it went down to $44 in minutes. No update was given on such a huge amount of BSV available on the website. It was said that it was a mistake on the part of Bitfinex and the price reached regular levels in the following minutes.

However, some say that it was a result of price manipulation done by the spread of fake news. Apparently, there was news of Craig Wright transferring bitcoin from Satoshi Nakamoto’s wallet. Craig Wright is the latest of the bunch who claim to be the mysterious creator of Bitcoin, Satoshi Nakamoto. This conspiracy runs deep as Craig Wright currently holds rights over Bitcoin and he was the one who started Bitcoin SV terming it as the “real bitcoin”.

Effect on Bitcoin SV due to this Incident

The news of fake information that would’ve potentially caused a dump of 25,000 BSV was originally mentioned in a Chinese website called Coinbull. Whatever its source may be, but it was sure to change the market situation for BSV. According to prices now, there was a 15% decline due to such massive fluctuations in price. Investors probably will pull out their money foreseeing this and trust in the currency is shaken.

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