Bitcoin Offshoot Skyrockets 20% In A Week, Leaving Bitcoin, Ethereum In The Dust: What's Happening?

Bitcoin SV BSV/USD has experienced a remarkable surge of 20% in the past seven days, outperforming its counterparts Bitcoin BTC/USD and Ethereum ETH/USD  in terms of gains. As of the time of writing, BSV is trading at $39.85.

What Happened: The primary driving force behind this rally is the widespread anticipation surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). 

This enthusiasm was further intensified by the SEC’s decision not to appeal the Grayscale lawsuit, creating a sense of optimism among cryptocurrency investors.

BSV witnessed a significant price jump following a rumor suggesting that the SEC was expecting the iShares Bitcoin Trust. This report briefly pushed Bitcoin to almost $30,000 before it made a retreat shortly afterward.

However, it was later confirmed that the news was false. Bitcoin swiftly reversed its earlier gains and returned to trade near the $28,000 mark.

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Why It Matters: BSV is a cryptocurrency that originated from a hard fork of the Bitcoin Cash BCH/USD blockchain in 2018. Bitcoin Cash itself had previously forked from the original Bitcoin (BTC) blockchain a year prior.

The BSV node software was developed by nChain, a prominent blockchain technology company. Notably, Craig Wright, the Chief Scientist at nChain, who has controversially claimed to be Satoshi Nakamoto, has been a vocal supporter of Bitcoin SV since the split between BCH and BSV in 2018.

Earlier on October 2, in a tweet, the handle associated with Nakamoto stated,  “Bitcoin is a predicate machine.  Over the following months, we shall explore different aspects that were not explicitly contained within the white paper.  These aspects are all parts of bitcoin, and are important.  Some of these ideas were touched upon in the early years; now is the time to extrapolate and explain.”

Shortly after the tweet from the @satoshi Twitter handle, BSV experienced a significant surge in value. BSV saw an impressive 20% increase in a day.

Photo by Fernando Cortes on Shutterstock

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