The recent Bitcoin SV (BSV) imbroglio first began when those backing the cryptocurrency took legal action against popular figures within the crypto community who had been outspoken against both BSV and its mastermind, Craig Wright – who is widely seen as a charlatan who incessantly claims that he is the true Satoshi Nakamoto.
BSV, which was just recently delisted from the world’s largest cryptocurrency exchange, Binance, has since been delisted by other major exchanges as well and has found itself caught in a downwards tailspin that has sent it spiraling down to set fresh year-to-date lows.
Bitcoin Cash the Big Winner of the BSV Imbroglio
This recent price drop and the growing trend of major exchanges delisting BSV – although devastating for those invested in the cryptocurrency – has been very positive for Bitcoin Cash, which has incurred decent price gains in the time since Bitcoin SV was delisted from Binance.
Bitcoin Cash – which underwent a hard fork in late-2018 that resulted in the creation of BSV – has surged from weekly lows of $260 to highs of nearly $330, before settling at its current price of $318.80.
Bitcoin SV, on the other hand, has plummeted over the past several days, and is currently trading down over 12% at its current price of $55. BSV has plummeted from its one-week highs of roughly $85, which were set last Wednesday.
Although Bitcoin Cash may directly benefit from Bitcoin SV’s tailspin, analysts still expect it to possibly see further downside in the near-term.
The Cryptomist, a popular cryptocurrency analyst on Twitter, shared her thoughts on where BCH is heading next, noting that a bear division on its RSI may signal that further downside is imminent, despite its recent strength.
“$BCH This has been one of my biggest winners in the last couple months! I would not fomo in atm, we have a double top on candles and bearish div on RSI. Expecting a little retracement,” she said.
$BCH
This has been one of my biggest winners in the last couple months!
I would not fomo in atm, we have a double top on candles and bearish div on RSI. Expecting a little retracement.
Ignore the diagonal line on chart, experimental for now ? pic.twitter.com/FMQd982xpL— The Cryptomist (@TheCryptomist) April 16, 2019
Bitcoin SV May Continue to Plunge as More Exchanges Delist it
BSV’s recent drop is directly linked to Binance choosing to delist it from their platform – a decision that led other exchanges to follow suit.
Shortly after Binance made the announcement, Erik Voorhees, the CEO of cryptocurrency exchange ShapeShift, tweeted that his exchange would also be delisting BSV from their platform.
“We stand with @binance and CZ’s sentiments. We’ve decided to delist Bitcoin SV #BSV from @ShapeShift_io within 48 hrs,” he concisely noted.
We stand with @binance and CZ’s sentiments. We’ve decided to delist Bitcoin SV #BSV from @ShapeShift_io within 48 hrs.
— Erik Voorhees (@ErikVoorhees) April 15, 2019
Blockchain.com also announced that they would be delisting BSV by May 15th.
“In the next thirty days, we will end even close out support for #BSV transactions. To use #BSV, go somewhere else!” Peter Smith, the CEO and co-founder of Blockchain.com, explained in a tweet.
In the next thirty days, we will end even close out support for #BSV transactions. To use #BSV, go somewhere else! https://t.co/PCsbtn3MHG https://t.co/oSN19wIWre
— Peter Smith (@OneMorePeter) April 15, 2019
The latest cryptocurrency exchange to announce that they would be delisting BSV is Kraken, which recently tweeted that “the people have spoken” adding that they would be delisting Bitcoin SV, marking another significant blow to the embattled cryptocurrency.
The people have spoken. Kraken is delisting BitcoinSV: https://t.co/8lSUfEYUYr#delistBSV
— Kraken Exchange (@krakenfx) April 16, 2019
As more exchanges jump on the band wagon and delist Bitcoin SV, it is highly likely that Bitcoin Cash will continue to reap the rewards and may see significantly further gains in the near future.
Featured image from Shutterstock.