What’s going on with Bitcoin Satoshi Vision?

Bitcoin Satoshi Vision (BSV) experienced a meteoric rise overnight. In the meantime, Craig Wright’s cryptocurrency rose by an incredible 70 percent on a 24-hour basis, from $55.14 to briefly $93.77. The coin is currently consolidating at $88.89, with a market cap of $1.74 billion.

The exact reasons for the explosive price increase remain uncertain. However, a look at the trading volume suggests that South Korean investors had a massive share in the rally. Show that Data from Coingecko. One crypto exchange in particular stood out: Upbit.

While coins worth the equivalent of $912 million were traded in the past 24 hours, almost 70 percent of the activity took place on the South Korean trading platform – $622 million, to be precise. The Seychelles-based crypto exchange OKX (almost 9 percent) and the Singaporean trading platform BiONE (around 7 percent) followed far behind.

Coinbase is ending BSV support

In fact, not much has changed fundamentally about the project, which could serve as the basis for this price increase. Instead, the BSV community recently suffered a severe setback. As BTC-ECHO reported, Coinbase announced at the beginning of November that it would completely end support for BSV. Trading has not been possible since 2021. As of January 9th next year, the company will be discontinuing all cryptocurrency services, it said in a press release at the time. Investors are encouraged to transfer their holdings as quickly as possible.

There has long been speculation about the reasons behind Coinbase’s move. Some justify the move with multiple attacks on the network. Others claim it is a reminder to BSV founder Craig Wirght. The Australian proclaims the invention of Bitcoin. So far he has not been able to provide any solid evidence for this. For this he sued several people from the crypto scene who doubted his story. You can read more about his campaign here: The Campaign of Craig Steven Wright: Enough!