Bitcoin SV Spikes 18% on News of Merchant Adoption; Controversy Surrounding Craig Wright Continues to Swirl
Bitcoin SV (BSV), the self-styled ‘Satoshi vision’ of cryptocurrency, surged on Monday after CoinGate announced that its 85,000 registered users and merchants now have the option of trading BSV.
BSV Rockets Higher
The BSV price rallied 18.1% late Monday to reach $73.03, its highest in a month. All of the gains have come in the last 13 hours. BSV trade volumes have nearly doubled in the last 24 hours to reach $225 million, according to CoinMarketCap. he bulk of the activity was concentrated on just two exchanges: Bit-Z and Binance.
At current values, BSV has a total market cap of $1.3 billion, where it placed 11th among active blockchain projects. It trails Binance Coin (BNB) by less than $100 million and Tron (TRX) by roughly $300 million.
BSV also rose against bitcoin, climbing 16.3% to 0.01882352 BTC.
With the exception of XRP, most of the top cryptocurrencies had registered only modest gains late Monday. The total market capitalization of all coins reached $131.1 billion.
CoinGate Launches Support for BSV
On Monday, Lithuanian payment processor CoinGate announced that it had launched support for bitcoin SV, giving merchants the option to accept the cryptocurrency and traders the opportunity to buy and sell it directly through the platform.
For traders: enabled multiple methods for both buying and selling BSV on CoinGate
— CoinGate (@CoinGatecom) February 25, 2019
Through CoinGate, BSV will become an accepted form of payment for merchants choosing to accept the cryptocurrency. At last check, the merchant processor had more than 80,000 registered users and 4,500 merchants.
Although the BSV camp trumpeted the announcement, CoinGate already supports more than 50 cryptocurrencies – many of which fall outside of the top 100. With the likes of Decred (DCR), iEx.ec (RLC), Civic (CVC) and TenXPay (PAY) already supported, CoinGate’s merchant services aren’t just limited to the top cryptocurrencies.
BSV forged its way into existence in mid-November following a highly contentious hard fork of bitcoin cash (BCH). Its backers, principally Craig Steven Wright and billionaire entrepreneur Calvin Ayre, contend that their protocol is the original bitcoin. The BSV camp came up short in the ensuing hash war, as bitcoin cash retained its ticker symbol and market position. But it came at a major cost.
It was on the eve of the Nov. 15 hard fork that the cryptocurrency market came unhinged following months of relative stability. Over the next month, the cryptocurrency market cap more than halved and eventually bottomed a hair shy of $100 billion. Read more: Crypto Selloff Deepens as Bitcoin Cash Hard Fork Proves More Costly Than Ever Predicted.
Despite its recent performance, bitcoin SV has struggled to become a mainstay in an ecosystem that is enduring the longest bear market in its history. Controversy surrounding Craig Wright has not helped matters. Wright, who claims to be Satoshi Nakomoto, recently claimed that the original cryptocurrency was always a pro-state, pro-bank technology. Those claims have been rebuffed by none other than WikiLeaks, which has outed Wright as a “serial forger of documents.”
Serial fabricator who claims to be inventor of Bitcoin, Craig S. Wright, now claims that Bitcoin was always pro-state and that he always worked for the prosecution, as he tries to raise money for business project and escape court action. https://t.co/sKgJ0240vl
— WikiLeaks (@wikileaks) February 12, 2019
“Serial fabricator who claims to be inventor of Bitcoin, Craig S. Wright, now claims that Bitcoin was always pro-state and that he always worked for the prosecution, as he tries to raise money for business project and escape court action,” WikLeaks said in a Feb. 12 tweet.
WikiLeaks also released the following snapshot, which shows Wright went back and changed a post from 2008 to make it seem like he was working on bitcoin in 2008.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.