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Bitcoin SV steadies near $170 after gaining nearly 50% on Friday

Bitcoin SV steadies near $170 after gaining nearly 50% on Friday
Eren SengezerEren SengezerFXStreet

Bitcoin SV (BSV) gained nearly 50% on Friday and advanced to its highest level since July after news of Craig Wright submitting legal papers in a court case to reveal that he is managing a trust called 'Tulip Trust III,' which reportedly holds up to $10 billion worth of Bitcoin, created speculation that Wright could opt out to dump his BTC in exchange for BSV.

BSV rose from $115 to $175 in a single day and now seems to be staying in a consolidation phase near $170. Investors will be keeping a close eye on fresh developments surrounding the self-proclaimed Bitcoin creator Craig Wright. The fact that the pair hasn't yet staged a deep correction supports the view that investors are staying on the sidelines for the time being.

BSV/USD daily chart

Author

Eren Sengezer

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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