- The Bitcoin SV pump has caught many crypto investors by surprise.
- A Twitter user has been following BSV’s price action and has a theory as to why the price of the bitcoin hard fork suddenly spiked.
- If market manipulation is truly the cause of the surge, investors should take caution as a massive dump is possibly on the horizon.
While bitcoin maximalists are excited about the king of cryptocurrency’s over 24 percent pump, one bitcoin hard fork is leaving nearly everyone in a state of massive disbelief. We’re talking about Bitcoin SV. The crypto-token spearheaded by the controversial Craig Wright and Calvin Ayre is now trading around $360. On Tuesday, BSV climbed as high as $458.74.
The massive green candle on Bitcoin SV’s chart against USD has sparked calls of an exit scam in progress. Others say that the coin is pumping because Craig Wright claims that he has access to the contested $10 billion bitcoin fortune. Nevertheless, one analyst sees the hand of Calvin Ayre skillfully controlling the value of the bitcoin hard fork.
Manipulation on Shady Exchanges Likely Explains the Bitcoin SV Pump
Is there anything organic about Bitcoin SV’s pump? As a technical analyst, there’s nothing organic about a 370 percent uptick in less than two weeks. Therefore, it is very likely that something foul may be happening.
Vin Armani, chief technologist of CoinText, says that he’s been closely watching Bitcoin SV for quite some time. In a tweetstorm, Armani explains how Calvin Ayre is possibly manipulating the price of the cryptocurrency. He claims that the Canadian entrepreneur started mining Bitcoin Cash a couple of weeks ago.
The CoinText CTO says that Ayre then sold his BCH for Tether. According to Armani, Ayre utilized shady exchanges to wash trade the BSV/USDT pair and send BSV into the stratosphere.
In the process, Ayre can control the value of both Bitcoin Cash and USDT. Armani says that Ayre can dump USDT as the value of BSV comes close to the value of BCH. This play is possible because Bitcoin SV has been delisted by major exchanges.
BSV Showing No Signs of Stopping
As of this writing, Bitcoin SV has corrected by over 21 percent from the 2019 high of $458.74. Although the retracement sounds terrifying, it is a slap on the wrist compared to the more than 370 percent gains posted this year. Even with the pullback, BSV is still ahead of Bitcoin Cash and Tether in terms of market cap.
According to crypto YouTube star Ivan on Tech, Bitcoin SV only needs to print another 100 percent gains and it will edge out Ripple as the third-largest cryptocurrency.
If Ayre is really behind this Bitcoin rally, then watch out. A pump of this magnitude will likely result in an even greater dump.
Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
This article was edited by Samburaj Das.