Bitcoin SV (BSV) Surges by Over 60% in 24 Hours
Bitcoin SV (BSV), a controversial fork of Bitcoin, has seen a significant surge of more than 60% within the past day, driving its price to $93.8. This level has not been seen since April 2022. Although the price has since stabilized around $88, this recent increase has resulted in monthly gains of 82%, and its trading volume has surpassed $770 million.
Market Sentiment and South Korean Investors
The positive market sentiment in the broader cryptocurrency market appears to be a contributing factor to BSV’s upswing. South Korean investors have played a substantial role, with data compiled by CoinGecko showing that 65% of the trading volume is concentrated on Upbit, South Korea’s largest exchange.
Coinbase Discontinuing Support
BSV faced a minor downturn after Coinbase announced that it would discontinue support for the coin starting January 9, 2024. The US exchange had previously advised its users to withdraw their BSV assets before the deadline to avoid liquidation.
The Challenges Faced by Bitcoin SV
Despite being associated with Satoshi’s Vision, BSV has encountered challenges such as multiple instances of 51% attacks. These attacks occur when malicious miners gain control of over 50% of a proof-of-work blockchain, allowing them to exploit block reorganization. In addition, BSV experienced an empty block mining attack last October, causing network slowdowns for users.
Hot Take: Bitcoin SV’s Surge Raises Questions About its Future
The recent surge in Bitcoin SV’s price raises questions about the future of this contentious fork. While market sentiment and South Korean investors have contributed to its upward trend, the coin’s association with 51% attacks and the upcoming discontinuation of support by Coinbase may pose challenges. It remains to be seen how Bitcoin SV will navigate these obstacles and whether it can sustain its current momentum in the long term.
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