Price Analysis

Bitcoin SV Surges 200% as Wright Registers Copyright to Satoshi White Paper

The standout performer in the cryptocurrency markets today is one of the world’s largest by market cap, Bitcoin SV (BSV), which at one point surged over 200 percent on some exchanges during today’s trading session.

At 13:15 UTC, the price 11th largest crypto by market cap rank reached a 24-hour high of $139.31, a figure more than 120 percent higher than its UTC opening price of $62.99, according to CoinMarketCap data.

On some exchanges, however, BSV’s sudden price surge was even more drastic, increasing as much as 214 percent to reach $195 in the BSV/USDT market on the Singapore-based cryptocurrency exchange Huobi Global.

The surge is due in part to the announcement that Craig Wright has registered copyright claims on the Bitcoin Whitepaper and original code and promised to revert the copyright to the Bitcoin Association.

A release today notes:

Wright intends to assign the copyright registrations to Bitcoin Association to hold for the benefit of the Bitcoin ecosystem. Bitcoin Association is a global industry organization for Bitcoin businesses. It supports BSV and owns the Bitcoin SV client software.

Messari data reveals the total exchange reported 24-hour volume for BSV is $447.6 million whereas its “Real 10” volume from the 10 exchanges identified as the sole exchanges reporting honest volume figures in a report from Bitwise Asset Management reveals today’s volume figure is closer to $31.8 million.

Bitcoin Satoshi Vision, typically abbreviated as Bitcoin SV, is a fork of the bitcoin cash blockchain and was recently delisted from a number of well known exchanges including Binance, Kraken and Shapeshift due to its main proponent Craig Wright, claiming that he is Satoshi Nakamoto the creator of bitcoin, which many assume to be fraudulent.

Many other cryptocurrencies are flashing notable gains today, albeit not to the extent of BSV.

Bitcoin Gold (BTG), neo (NEO), tron (TRX) and bitcoin cash (BCH) are all reporting 24-hour gains above 5 percent according to data from CoinDesk.

Disclosure: The author holds several cryptocurrencies. Please see his author bio for more information. 

Space image via Shutterstock; Charts via TradingView

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