Controversial altcoin Bitcoin SV (BSV) continues to find itself embroiled in one issue after another. The latest trouble has emanated from the failure of one its biggest exponents to prove that he has access to $9 billion in Bitcoin (BTC). Various reports suggested that BSV holders had difficult 24 hours ahead of them. Notably, these investors earned huge profits over the last week as the court case against Craig Wright.
Evidence from Craig Wright Doesn’t Include BTC Keys
BSV shot up to an all-time high of $436 after Craig Wright promised that he would prove that he controls funds linked to Bitcoin creator Satoshi Nakamoto. Wright had also presented ‘proof’ in the form of an article from academic journals JSTOR, allegedly from January 5, 2008. The article talked about a person named Tominaga Nakamoto from the 18th century who lived in Japan. The report also mentioned that Nakamoto was Japanese Adam Smith.
However, Wright failed to prove his claims after his lawyer confirmed that the “bonded courier” that Wright had presented as evidence contained no information on private keys. Even before this information went public, BSV began sliding down to hit a low of $262, which was about 40% below its highest mark.
Bitcoin Cash Reclaiming Market Cap
While BSV’s fortunes are now intertwined with that of Craig Wright, Bitcoin Cash managed to hit higher levels in the past few weeks. The entire episode around Wright has triggered derision among online users with several memes on fake BTC transactions doing the rounds on social media. As a result, BSV has now lost its previously held position of the fourth-largest cryptocurrency by market cap that it briefly took from fellow hard fork Bitcoin Cash. While BSV’s value declined substantially in the last 24 hours, BCH gained over 7%. Such was the extent of BSV’s decline that in the top twenty only Dash matched it in terms of losses. Dash declined by about 15% after experiencing sudden gains in January.