RATE Group | Bitcoin SV Plunges as Founder Admits to Whale Involvement
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Bitcoin SV Plunges as Founder Admits to Whale Involvement

31 Jan Bitcoin SV Plunges as Founder Admits to Whale Involvement

Posted at 19:46h in Bitcoin News by

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That Bitcoin SV (BSV) price rally is appearing to hit an end.

The fifth-largest cryptocurrency by market capitalization suffered huge losses during the Friday trade as its rate plunged by up to 12.36 percent. The move downhill led Bitcoin SV to establish an intraday low of $261.29. At its monthly best, it was trading at $458.74.

crytocurrency bitcoin sv (bsv) dropping hard

Bitcoin SV this Friday was down by up to 43.04 percent from its monthly top | Source: TradingView.com, BitFinex

The weak intraday performance was accompanied by a lower daily volume. That itself raised concerns about the absence of trades in order-books that eventually executed the 43 percent crash on Friday. Nevertheless, the price fell towards the support line of what appears to be a newly-forming bull flag (in green).

Shooting Your Own Foot

The plunge did not appear as a surprise for a cryptocurrency whose price earlier this month had exploded by 374 percent. So it appears, the BSV-to-dollar exchange rate met profit-takers on its way up, which caused to…

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