14 Jan 2020 Arjun Agarwal
Bitcoin SV Doubles Its Price And Boosts Bitcoin Value
2020 has yielded great results for the entire crypto sector, as the total market capitalization rose by $45 billion to reach $229,6 billion as of press time. And while no more than ten percent of the top 100 cryptocurrencies saw a significant 24hr retraction, the vast majority of cryptocurrencies in the top 100 rankings continue to be in green.
Despite the fact that Bitcoin is maintaining its 67% dominance over the other players, two of its spinoffs – Bitcoin Cash and Bitcoin SV made a significant price jump of 12.15% and 44.91%, respectively. The global crypto leader, Bitcoin, saw a 5.86% boost to its price, while Ethereum and Ripple scored 6.06% and 4,33 price spikes over the past 24 hours, respectively.
The feud between the two rivaling Bitcoin spinoffs – Bitcoin Cash and Bitcoin SV dates back to 2018 when Craig Wright announced publicly that he is the creator of the Bitcoin blockchain. Bitcoin SV detached from the Bitcoin Cash branch and traded with high margins of volatility, as the coin is connected to Wright, who proclaimed himself as Satoshi Nakamoto, the original Bitcoin creator.
However, Wright may have found a way to prove he lies behind Bitcoin’s birth, as per numerous reports. The news skyrocketed Bitcoin SV’s from $117.60 to $229.64, as of press time. 2019 was a tough year for Bitcoin SV, but in the last month, the coin took on an upward trajectory, with an 80% increase over the past week.
Bitcoin SV’s creator, computer scientist Craig Wright, became famous with his legal disputes with Ira Kleiman, who accused Wright of stealing 1.1 million BTC, estimated at almost $9 billion. U.S. District Judge Beth Bloom, however, ruled that the Bitcoins Wright and Dave Kleiman mined in the early days of the cryptocurrency would not be granted to Ira Kleiman. Nevertheless, Craig Wright has to cover Kleiman family`s attorney fees. In November 2019, the estate filed a motion for $658,000 worth of legal costs during the case.
Although Judge Beth Bloom ruled in Wright’s favor, he still needs to prove ownership of the Bitcoin Savings. Wright has a deadline until February 3rd, 2020, to provide the judge with the final key slice in order to get hold of his savings.
If Wright gets possession of its Bitcoin savings, the crypto sector may expect a few turbulent months, as Bitcoin SV’s owner might transfer a part or all of his stash to his own coin, which would cause widespread price volatility.
In the meantime, 2020 for the crypto sector starts with a blast, as an exchange-traded Bitcoin started operation on Chicago’s Mercantile Exchange. The listing means traders would have a more sophisticated method for betting on Bitcoin’s price future, as well as expanding their portfolios. Also, Bitcoin recorded an all-time high in terms of hash rate, which means the digital asset world shifts toward being a safe haven for investor and residential funds.
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