In an impressive rally, Bitcoin SV is up over 60% almost setting a new all time high and currently trading at $102. The recent price spike comes due to news breaking out about Craig Wright being granted copyright registrations for the Bitcoin whitepaper and code.
In the press release published, Wright was granted two registrations from the Copyright office:
- U.S. copyright registration no. TXu 2-136-996, effective date April 11, 2019, for the paper entitled Bitcoin: A Peer-to-Peer Electronic Cash System, with year of completion 2008. The registration recognizes the author as Craig Steven Wright, using the pseudonym Satoshi Nakamoto.
- U.S. copyright registration no. TX-8-708-058, effective date April 13, 2019, for computer program entitled Bitcoin, with year of completion 2009 and date of first publication January 3, 2009. The registration recognizes the author as Craig Steven Wright, using the pseudonym Satoshi Nakamoto. Wright wrote most of version 0.1 of the Bitcoin client software, and the registration covers the portions he authored.
It’s important to note the process through which one can register a copyright for certain texts. One simply needs to fill out a form claiming ownership of the content, there is no validation in place.
you just fill out a form. there is no validation
— Neeraj K. Agrawal (@NeerajKA) May 21, 2019
The recent actions by Wright are certainly bold, and Bitcoin SV market’s reaction is appropriate. Currently BTCSV is trading at $103 on Huobi, earlier surpassing it’s all time high of $104 when it peaked to almost $200 on Huobi. Currently the price is relatively stable around the $100 level.
Bitcoin SV Technical Analysis
Relative Strength Index: The current RSI is at 57 points which is a healthy range. This means the market still has some good momentum available for potential gains.
Bollinger Bands: The price is also within the upper and lower bands which are narrowing as the market is stabilizing. Currently the price is tracing closer to the upper band signifying that the bulls are still present.
At this point it seems that the market has stabilized after the announcement last night. At this point, unless some more news come forward volatility should be minimal. My personal prediction is a somewhat sideways market the next couple of days following Bitcoin’s momentum.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.