Alleged 'Original' Bitcoin Token Surges 24% As Crypto Markets Crash

Alleged ‘Original’ Bitcoin Token Surges 24% As Crypto Markets Crash

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Bitcoin Satoshi’s Vision (BSV), a variant of Bitcoin that claims to follow the creator’s original vision, has surpassed a stock market crash in the past 24 hours.

BSV is up more than 23% to $55.79, avoiding a 6% decline in markets over the past two sessions. By comparison, Bitcoin (BTC) has fallen 11% in the past 24 hours and has lost almost a quarter of its value since Sunday evening.

BSV was born out of a Bitcoin Cash hard fork in 2018, which itself was a hard fork of the original Bitcoin Chain. The name – Satoshi’s Vision – comes from the belief of its backers that the creator of Bitcoin wanted to keep on-chain transaction fees extremely low.

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One of BSV’s biggest backers, Craig Wright, claims to be Satoshi Nakamoto. But Wright has so far been unable to conclusively prove his claims.

BSV’s website claims the token is the “original Bitcoin” and draws more closely from the Bitcoin white paper.

Why is Bitcoin SV pumping in the middle of a stock market crash?

The token’s recent market gains appear to have been triggered by its recent listing in Japan. Huobi Japan is about to start support the token from Wednesdayexposing it to the very lucrative Japanese crypto market.

The prospect of new commercial interest could boost the token, given that Japan has a fairly large population exposed to crypto.

While BSV has fallen into the public spotlight since its launch four years ago, the token has a thriving community. It is also the 43rd largest cryptocurrency by market capital at $1.08 billion.

But while the token is outperforming today, BSV has lost even more value than Bitcoin this year. It is trading down 56%, while its older counterpart is down around 51%.

Crypto Markets in Freefall

BSV’s outperformance as crypto markets experience one of their worst sellouts in recent history.

Fears of a Federal Reserve rate hike this week, particularly after high inflation last week, have severely shaken sentiment in the market.

The focus is now on whether Bitcoin prices will drop enough to call some major holders – an event that could be devastating for markets.

With over five years of experience in global financial markets, Ambar intends to leverage this knowledge for the rapidly expanding world of crypto and DeFi. His interest lies primarily in researching the impact of geopolitical developments on crypto markets and what this could mean for your bitcoin holdings. When he’s not scouring the web for the latest news, you can find him playing video games or watching Seinfeld reruns. You can reach him at [email protected]

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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