BSV/USD explodes after Tulip Trust update

Rajan Dhall, MSTA FX Daily

BSV/USD pushed over 33% higher today after a new development in the "Tulip Trust III" case.

Founder Craig Wright, the self-proclaimed Bitcoin creator sent out a total of 428 documents to the plaintiffs, one of them allegedly including details of a secret trust that holds billions of dollars worth of bitcoin.

Mr Wright’s legal representatives called the paper “Tulip Trust III” and made it confidential. The decision raised suspicions that their client – indeed – was involved in the mining of the first batch of bitcoin alongside his now-deceased partner Dave Kleiman. Bitcoin SV supporters, who expect Mr. Wright to dump part of that bitcoin for BSV, got euphoric on the news.

As you can see the price went ballistic on the news. The 150.00 area which was a prominent resistance was broken and 160.00 halted any further moves. Interestingly it looked like a base was forming at around 80 on the chart as it had been used as support on 4 major occasions. Now the bulls could be looking to for the next psychological level of 200.00 as a target.

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Solana dips as hawkish Fed cuts dampen market sentiment

Solana (SOL) price is trading below $130 at the time of writing on Thursday, after being rejected at the upper boundary of its falling wedge pattern. The broader market weakness following the Federal Reserve’s hawkish rate cut has added to downside momentum.

Pi Network Price Forecast: PI declines as core team offloads 2 million tokens

Pi Network (PI) edges lower by 3% at press time on Thursday, marking its fifth consecutive day of losses. A transfer of 2 million PI tokens from the liquidity reserve, part of the Pi core team wallets, bolsters the bearish sentiment.

Cardano Price Forecast: ADA flips bearish as derivatives markets flout network growth

Cardano (ADA) extends losses by 5% at press time on Thursday, following the 3% decline on the previous day and breaking the local resistance trendline. Derivatives data indicate a bearish shift in the narrative, as Open Interest and the number of active long positions decline.