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How Craig Wright’s Ridiculous Filing is Driving an Insane BSV Rally

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Bitcoin SV Blockchain Struggles with Its Block Size, Suffers Block Reorganizations
Bitcoin SV Blockchain Struggles with Its Block Size, Suffers Block Reorganizations

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May has witnessed a rally that hasn’t been seen in the first four months of 2019. This week has been greeted by a wave of green, with Bitcoin, Ether, and XRP all seeing massive gains of 1.00 percent, 0.57 percent, and 3.50 percent respectively at press time.

However, one digital asset that seems to be catching the eye of just about everyone is Bitcoin SV (BSV). Bitcoin Cash’s hard fork is by far the best performing digital asset amongst the top 60, on most cryptocurrency exchanges, seeing a staggering 31.20 percent increase in the past 24 hours alone, and a price peg of $120.09.

bitcoin sv coinmarketcap
Source: Coinmarketcap

What makes this price rally rather shocking is that it comes on the heels of a torrid few weeks for Bitcoin SV. Thanks to the antics of its proponent, Craig Wright, the currency has been the direct recipient of some harsh retaliation from some of the industry’s heavyweights.

Here’s the lowdown: BSV was created by Craig Wright, an industry loudmouth known for publicly claiming to be Satoshi Nakamoto, the founder of Bitcoin.

Just like every hard fork ever done, Bitcoin SV was billed by Wright and his followers as what Bitcoin should be. However, when he was called out for claiming to be Satoshi, he put a $5,000 bounty on his heckler.

The crypto community retaliated massively, with exchanges such as Kraken, ShapeShift, and Binance delisting BSV. On the surface, BSV was doomed. After the Binance announcement, the currency’s value fell by about $2.00, and it had to endure weeks of slumps (refer to the graph). However, things have pretty much ballooned since then, with the currency making a strong comeback.

The comeback can be traced primarily to May 21. On that day, Wright made a move to solidify his claim on the “Satoshi” moniker, as he filed a copyright registration for the original Bitcoin whitepaper, as well as its source code.

bitcoin v bitcoin sv
Source: wallet Investor

On that day, BSV’s value rose from $62.76 to $132.74. Since then, the currency hasn’t gone below the $89.98 price point.

Even Bitcoin’s latest rally has nothing on this. Now, to be fair, copyright registration is just what it is; a registration.

Still, it seems that wright’s filing was somehow enough to convince people- and investors- that he’s Satoshi. In addition, this filing has seen BSV grow by 83 percent over the past week.

It’s worth noting that Wright has inspired a BSV rally in the past. After the hashwar that saw BSV and Bitcoin Cash ABC split from Bitcoin Cash, BSV witnessed a slump in price. However, the currency was saved by the merger of Wright’s nChain and Calvin Ayre’s CoinGeek

Both companies partnered on the Teranode project to help add 1 Terabyte block to the BSV chain and deliver a network throughout 7 million transactions a second. This recent rally, on the other hand, was created by a single filing.

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