RATE Group | Volatility, Illiquidity Threaten BSV’s Newfound Position
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Volatility, Illiquidity Threaten BSV’s Newfound Position

29 Jan Volatility, Illiquidity Threaten BSV’s Newfound Position

Posted at 03:47h in Cryptocurrency News by

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Volatility in bitcoin SV (BSV) is raising concerns about the resilience and stability of the world’s fifth-largest cryptocurrency by market capitalization, as ranked by CoinMarketCap.

On Jan. 14, at around 00:35 UTC, the price of BSV shot up 6 percent over a 10-minute period and 22 hours later, it was up a total of 139 percent from $196 to $458.

A sell-off quickly followed BSV’s rally at around 00:30 UTC on Jan. 15, with the price dropping from $458 to $278. According to some analysts, the cryptocurrency is plagued by controversy and poor liquidity due to shallow order book depth.

Research analyst at eToro, Simon Peters, said that when rumors surfaced that BSV founder Craig Wright received the “keys” to 1.1 million bitcoins (BTC) locked up in a fund known as the Tulip Trust, many in the crypto community anticipated Wright could dump a large proportion of his BTC holdings onto the market in favor of BSV.

The trust is said to be guarding pieces of the private keys necessary to unlock…

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