The BSV/USD trading pair has experienced a remarkable increase. Right after Craig Wright submitted the “Tulip Trust III” document.
Should Bitcoin SV thank Craig Wright? It seems that his recent behavior is positively influencing its price.
According to reports, the self-proclaimed Bitcoin creator Craig Wright recently filed 428 new documents to the court. One of them reportedly includes the “Tulip Trust III” one.
Wright has done it due to the ongoing court case initiated by Ira Kleiman. He’s the brother of late Dave Kleiman, Wright’s former business partner. Together, they are believed to have mined about half a million Bitcoin, and now I.Kleiman wants his share.
To shed more light, the “Tulip Trust III” is Wright’s explanation for why he is unable to give the court a list of his Bitcoin holdings. To remind, the “Tulip Trust” reportedly has millions of Bitcoins and its passkey is divided into different slices.
What’s curious is that unlocking the Tulip Trust could enable Wright to destroy BTC and boost BSV.
Applaudable price increase
According to data from CoinMarketCap, Bitcoin SV has experienced a remarkable pump following the news about the submission of the “Tulip Trust III” document.
At press time, cryptocurrency’s price stood at $158.78; its market capitalization rose to $2,868,834,094. That’s a significant increase as at the start of the new year, BSV price stood at about $96; the market capitalization was way below the today’s mark — $1,741,209,461.
Importantly, it also seems that the price has surpassed the target of $155, the coin’s resistance level.
Besides, the Exponential Moving Average is sloping up. Also, the Relative Strength Index appears in the overbought zone. Thus, indicating a bull run. That said, the bulls should probably anticipate a target price of $200.
Mixed reactions about BSV
Bitcoin SV (which stands for Satoshi Vision) came from Bitcoin Cash. The cryptocurrency is a hard fork, meaning it’s a community-activated update to the protocol or code. The coin has alienated itself from BCH following the network upgrade in November 2018.
At the moment, BSV appears to be doing very well, price-wise.
The recent developments also attracted a number of responses.
On Twitter, @FomoErektus went in the line of how he sees the cryptocurrency as a good investment.
He said: “Why I don’t shill my bags: I don’t need to. I invested in BSV because I believe it is a (grossly) underpriced asset. I see its price appreciation as INEVITABLE due to its utility. Bag shilling is unseemly, unethical and most likely completely ineffective anyway,” he said.
Meanwhile, @ShootinTex was quick to point out that too much focus shouldn’t be placed on price.
He tweeted saying: “BSV price doing nothing interesting:
“Price is not important!”
“CMC market cap is shit and doesn’t really mean anything!”
“It’s not about price, it’s about value!”
“If you care about price, you have a low IQ!”
“Don’t buy and hodl, but earn, use and build!”