Bitcoin SV has climbed its way into the spotlight in recent weeks as the coin managed to climb into the top five in terms of market capitalization, as well as more than double its value in a single day. However, these impressive movements from the Bitcoin Cash hardfork have been met with suspicion — especially in relation to its trading volume.
Apart from its rapid price increase (and subsequent dump) that saw it trade at $161 a week ago, top $434, and then collapse back down to $243 in less than seven days, Bitcoin SV’s volume has been interesting to note.
As pointed out by Kevin Pham (@_Kevin_Pham) on Twitter, the trading volume of Bitcoin SV outweighed a top-three coin in XRP — despite being delisted by exchanges like Binance.
BSV has more volume than a top three coin in XRP despite being censored by most major exchanges. pic.twitter.com/UQTcuQ79i7
— Kevin Pham (@_Kevin_Pham) January 20, 2020
Bitcoin SV Awash With Strange Trading
The trading volume of Bitcoin SV, which is not an easy coin to find on most exchanges, has been incredibly high since its price started spiking early last week. In fact, at one stage, the trading volume for one day almost reached the entire market capitalization. Since the volume, too, has spiked with the price, the impressive volume seen from Bitcoin SV warrants a deeper inspection — with some calling it wash trading. Cryptocurrency entrepreneur Vin Armani claims that Calvin Ayre, one of Bitcoin SV’s biggest proponents, engineered the pump with a sophisticated wash trading scheme involving Bitcoin Cash mining.
Hard to Trade
More so, the removal of Bitcoin SV from several key exchanges makes it hard to believe that there is such a healthy and vibrant market for the coin. These delistings would seemingly make it easier to pump and control the volume, according to another cryptocurrency commentator.As with the volume, all may not be as it seems — as Bitcoin SV’s public delisting by Binance, which led to its CEO actively encouraging others to remove the coin, may have been a bit of a show. It was pointed out by cryptocurrency industry analyst @DanDarkPill that the altcoin continues to trade on Binance JEX. https://twitter.com/DanDarkPill/status/1217436932675756033 The true nature of Bitcoin SV’s trading volume cannot be accurately deciphered as the measurement of such a metric is still shrouded in much mystery. Fake volumes have been a scourge on the cryptocurrency space for some time now as even the SEC has weighed in with a report that claims as much as 95 percent is faked.This pump was in no small part possible exactly because BSV was delisted from most major exchanges. Much easier to pump shitcoin on 3rd rate exchanges with low liquidity. #UnintendedConsequences
— Joe007 signals·alerts·funds are scams, all of them (@J0E007) January 15, 2020
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Julian Thomas
Julian has had a long interest in financial technology, especially cryptocurrency and blockchain. He studied to be a journalist and then decided to marry his passion for fintech with his skill in writing to report on this ever-changing and rapidly moving space.
Julian has had a long interest in financial technology, especially cryptocurrency and blockchain. He studied to be a journalist and then decided to marry his passion for fintech with his skill in writing to report on this ever-changing and rapidly moving space.
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