Home / Cryptocurrency / BSV Makes A Resurgence, With Market Value Increasing Nearly 25%, Surpassing Litecoin

BSV Makes A Resurgence, With Market Value Increasing Nearly 25%, Surpassing Litecoin

BSV Makes A Resurgence, With Market Value Increasing Nearly 25%, Surpassing Litecoin

  • BSV has been on the rise for a few days now since it made a significant price jump from $117.49 to $152.49 on January 10.
  • Bitcoin SV market value finally surpassed Litecoin, EOS, and Binance Coin, making it the 6th largest cryptocurrency in the world.
  • Bitcoin Satoshi’s Vision or BSV is a hard fork of Bitcoin Cash (BCH).

Bitcoin Satoshi’s Vision, or BSV as more popularly known has shown a resurgence in the market by about 25% in the past 24 hours with its market value going from $164.18 to a peak of $204.58 during the day.

BSV has been on the rise for a few days now since it made a significant price jump from $117.49 to $152.49 on January 10 and has been maintaining prices in that range until it hiked again to the $200 mark. 

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Bitcoin SV market value finally surpassed Litecoin, EOS, and Binance Coin, making it the 6th largest cryptocurrency in the world. The initial spiking in value which began on January 10 speculated to have been caused by a document by Craig Wright called Tulip Trust 3, which simulated market investment sentiment. 

A former U.S. District Court Judge, Bruce Reinhart found that self-claimed Bitcoin inventor Craig Wright had submitted false documents in court proceedings related to the Kleiman Case and given false testimony.

The judge ruled that Wright transfer 50% of the bitcoin that Craig Wright and the late Dave Kleiman had mined before 2013 which accounts for about $3 Billion U.S. dollars based on the current value of bitcoin.

Wright submitted three documents to the court called “Tulip Trust” that he claimed to contain the private key that contained some of the first bitcoin ever mined, that he could use to transfer the money to the Kleiman Estate. The release of the third such document is called the “Tulip Trust 3”. 

BSV supporters and enthusiasts who believe in following famed bitcoin inventor, Satoshi Nakamoto’s initial Bitcoin protocol 0.1 version, got excited by this incident as this transfer if occurred would take the world one step closer to knowing if Wright’s claims on being the bitcoin inventor himself would be correct.

This excitement reflected in the market and boosted the price of BSV. A U.S. District Judge for the state of Florida countered Judge Reinhart’s sanction on January 13 calling it inappropriate and stated that the bitcoin would not be confiscated from Wright. This might also result in a hike in BSV prices. 

Bitcoin Satoshi’s Vision or BSV is a hard fork of Bitcoin Cash (BCH). It was an attempt to restore the original bitcoin protocol as defined in the 0.1 version of the Bitcoin protocol built by Satoshi Nakamoto. 

About Parth Vig

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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.

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