Bitcoin SV embarks on a corrective phase that could last a while. | Source: Shutterstock
By CCN: Price of Bitcoin SV (BSV) is showing the first signs of significant downside correction after rallying more than 300-percent over the last two weeks.
The BSV-to-dollar exchange rate today dropped close to 10-percent to establish $194.23 as its intraday low on BitFinex. That brought the pair 23.13-percent down from its lately-achieved peak of $254. Meanwhile, against its rival bitcoin, the cryptocurrency was down close to 14-percent, per the data provided by CoinMarketCap.com.
The market did not offer any concrete fundamental to explain why Bitcoin SV’s uptrend weakened. Nevertheless, the asset dropped more under the influence of a market-wide sentiment, which saw all the leading cryptocurrencies either lower or adjusting their interim bias to sideways. Bitcoin, which until June 4, had retraced by more than 18.43-percent against the US dollar, pursued a weak pullback to the upside in the last 48 hours, rising a mere 2.84-percent.
At the same time, Ethereum also surged close to 2.9-percent in a very similar pullback action.
Bitcoin SV To The Moon/Dumpster?
As CCN covered earlier, the Bitcoin SV’s 300-percent price rally appeared like a well-orchestrated pump action driven by a series of fake and misleading news.
At first, the Bitcoin SV founder, Dr. Craig S Wright, filed a copyright claim over the Bitcoin’s original whitepaper, which his associate Calvin Ayre later propagated as proof that Dr. Wright is Satoshi Nakamoto, the original creator of bitcoin. The US Copyrights Office later clarified that they didn’t verify Dr.