Will Bitcoin SV Repeat Pump & Dump of 2019?
Rumors about the self-proclaimed Satoshi Nakamoto, Australian computer scientist Craig Wright have seemingly fuelled a rally of more than 100% in Bitcoin SV (BSV) – the cryptocurrency backed by Wright – over the past seven days.
A rise of 43% was recorded during the past 24 hours alone, making Bitcoin SV the best-performing coin among the top 50 cryptocurrencies by market capitalization. At pixel time (14:02 UTC), BSV, ranked 6th by market capitalization, trades at c. USD 233.
Although Bitcoin SV has been in an uptrend since late December, the specific driver for the most recent explosive rally appears to be screenshots of a chat with Craig Wright that are circulating online.
According to the screenshots, posted on Twitter by, among others, Arthur van Pelt, co-founder of fintech company Dragon Industries, Wright appears to confirm that he has received the final part of a private key from the so-called Tulip Trust. The key is said to be able to unlock more than one million bitcoins (BTC) that were allegedly mined during the early days of the original cryptocurrency.
The screenshots, which appears to be from a Slack chat, shows Wright saying “Next week we file” and “already arrived,” which likely refers to the missing part of the key, and his intention to file this with a Florida court next week.
However, Pelt also tweeted a clear warning with the screenshots, saying “This is nothing less than a fabricated scam, a pump 'n' dump orchestrated by the people on the helm.”
As reported back in May of 2019, a pump-and-dump situation occurred in Bitcoin SV at the time, which was largely attributed to fake news circulating in China. The fake news report back then claimed that Craig Wright had successfully proved that he is Satoshi, and that Binance would again list Bitcoin SV on its exchange.
Also in May of 2019, BSV rallied almost 70% in a day on news that Wright filed registrations with the U.S. Copyright Office and has been granted U.S. copyright registrations for the original Bitcoin white paper and Bitcoin code (version 0.1).
After the rally in May, the price moved up in June also, before losing almost 50% of its value in July. Today, BSV is up by more than 200% in a year.
BSV price chart: