BSV hits multi-week high despite Craig Wright disavowing Satoshi claim BSV hits multi-week high despite Craig Wright disavowing Satoshi claim
South Korean traders remain interested in the digital asset despite its challeneges.
2 min read
Updated: Jul. 17, 2024 at 6:01 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin Satoshi Vision’s (BSV) value rose to a multi-week high of $46 despite its founder, Craig Wright, being forced to admit that he is not Satoshi Nakamoto, the pseudonymous founder of the original Bitcoin network.
As of press time, BSV was trading at $45.16, up nearly 20% over the past seven days amid the general market uptrend, based on CryptoSlate data.
However, the token is still trading more than 90% below its peak in dollar terms and is nearing its lowest-ever valuation against Bitcoin.
Despite these challenges, BSV continues to draw retail interest, particularly from South Korean traders, who contribute about 10% of its trading volume, according to CoinMarketCap data.
Wright’s Legal troubles
BSV’s gain comes as a surprise amid its founder’s legal woes. On July 16, Wright prominently displayed a disclaimer message on his website, disavowing any connection to Satoshi Nakamoto and acknowledging the court’s findings of his deceitful actions.
The message stated:
“The Court found that Dr Wright ‘lied to the Court extensively and repeatedly’ in his evidence and that he attempted to create a false narrative by forging documents ‘on a grand scale’ and presenting them in evidence. Overall, ‘all his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto.'”
The Australian computer scientist has also pinned a similar message on his official account on the social media platform X on July 17.
The disclaimer followed a recent ruling from the United Kingdom High Court of Justice that sought to prevent Wright from continuing his litigation campaign and threats based on his claim to be Bitcoin’s inventor. The judge also referred his case to the Crown Prosecution Service for potential perjury charges.
The crypto community has largely applauded the UK court’s judgment, viewing it as a significant conclusion to Wright’s prolonged false claims.
Nic Carter, a venture capitalist at Castle Island Ventures, said:
“The end of the CSW arc, which was the source of incredible annoyance and genuine peril for many Bitcoin devs and advocates for 8 years (!!), is incredibly satisfying. he is completely humiliated and destroyed. feels incredible.”
Bitcoin SV Market Data
At the time of press 6:01 pm UTC on Jul. 17, 2024, Bitcoin SV is ranked #77 by market cap and the price is down 0.36% over the past 24 hours. Bitcoin SV has a market capitalization of $887.79 million with a 24-hour trading volume of $41.38 million. Learn more about Bitcoin SV ›
Crypto Market Summary
At the time of press 6:01 pm UTC on Jul. 17, 2024, the total crypto market is valued at at $2.35 trillion with a 24-hour volume of $85.33 billion. Bitcoin dominance is currently at 53.90%. Learn more about the crypto market ›
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin SV is a full-node implementation for Bitcoin Cash (BCH).
Bitcoin
$97,172.85
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Craig Steven Wright, commonly referred to as CSW, is an Australian computer scientist and business professional who has been at the center of controversy within the cryptocurrency community.
Nic Carter is a partner at Castle Island Ventures and the co-founder of blockchain data aggregator Coinmetrics.io.