Bitcoin Cash SV Outperforms ABC as Crypto Market Drops $8 Billion

Bitcoin Cash Satoshi’s Vision (BSV) has seemingly been outperforming Bitcoin Cash ABC – which has the BCH ticker on most crypto exchanges – as the price of most cryptocurrencies keeps dropping.

According to CryptoCompare data, BCH is currently down by about 6.32% and is trading at $105.1, while BSV is currently up about 1% in said period, trading at $105.2. BSV has, in fact, seemingly been bucking the bearish trend as while most cryptos are down in the last week, the cryptocurrency is up 3.3%.

BSV's price performance

What’s behind BSV’s price performance is unclear. The cryptocurrency was created on November 15, as the BCH hard fork saw the crypto’s community split into two sides that supported different technological solutions that weren’t compatible with each other.

One side, that of BCH, is supported by Bitcoin.com and crypto mining hardware manufacturing giant Bitmain, while BSV is supported by self-proclaimed Satoshi Nakamoto Craig Wright and nChain, as well as by Calvin Ayre’s CoinGeek.

As recently covered supporters of BCH have been sued by United American Corp, an IT services firm, for allegedly manipulating the hard fork. Notably, some believe that the opposite is going on, and claim Calvin Ayre, a billionaire who made a fortune through an online gambling venture, is manipulating the price by selling BCH for BSV.

On Reddit, various users have pointed to various BCH addresses associated with CoinGeek that recently moved large funds as evidence the price is being manipulated. According to available data CoinGeek’s mining pool has mined roughly 70,000 BCH, which it has sold on exchanges.

Some, however, believe adoption is behind BSV’s rise. Services like FiveBucks and Ryan X Charles’ MoneyButton moved from BCH to BSV as they believe it’s more in line with Satoshi Nakamoto’s whitepaper.

Crypto Market Loses $8 Billion

Other top cryptocurrencies haven’t been performing well as well. Bitcoin, the flagship cryptocurrency, is trading at about $3,430 after falling 6.8% in the last 24-hour period, while Ethereum’s ether is at $87.2 after losing 10.7% of its value.

According to MarketWatch, in a research note about the drop Naeem Aslan, chief market analyst at Think Markets UK, stated:

The price of bitcoin has crippled on the back of this and I think it is likely that the price may not only drop below the $2K mark, but with this kind of momentum behind it, the price can test the 1500 level. Simply put, the bad news keeps coming just like cockroaches coming out of a hole.

Aslam added that bitcoin’s current price “represents an opportunity of a lifetime,” as the cryptocurrency has to stop dropping eventually, and will presumably recover later on.

CryptoCompare data shows other cryptocurrencies, including LTC, ZEC, and DASH are down anywhere between 10% and 15%, with XRP managing to go down only 6.7% to $0.305. Privacy-centric cryptocurrency.

EOS currently appears to be facing the most significant drop among top cryptocurrencies, as it’s trading at $1.73 after losing 20.3% of its value in a day. In the last two weeks, it lost 52% of its value.

Kanye Says He Wants to Run for President, Bitcoin Fan Elon Musk Endorses Him

Siamak Masnavi

American rapper, singer, songwriter, record producer, composer, entrepreneur and fashion designer Kanye West celebrated July 4, U.S. Independence Day, by announcing his intention to run for U.S. president in 2020.

So how did Kanye launch his bid to be on the ballot at the 2020 United States Presidential Election, which is scheduled for 3 November 2020?

Well, late on Saturday afternoon (California team), Kanye sent out the following tweet:

Minutes later, came this endorsement from Tesla and SpaceX CEO Elon Musk, who has often expressed his interest in cryptocurrency in general and Bitcoin in particular:

Not wanting to be left out of the conversation, a couple of hours, American media personality, businesswoman, socialite, model, musician, and actress Paris Hilton made it clear that she would not mind being U.S. president either:

As FOX News reported a short time ago, this is not the first time that Kanye has expressed his intention to become U.S. president.

Apparently, back in November 2019, at the fifth annual Fast Company Innovation Festival in New York City, he said that he planned to run for U.S. president in 2024:

"When I run for president in 2024, we're going to definitely -- yo, whatchu [sic] all laughing at? When I run for president in 2024, we would've created so many jobs that, in fact, I'm going to walk...

"What I'm saying is, when y'all read the headlines, 'Kanye's crazy,' this and that, this and that, it's like one in three African-Americans are in jail and all of the celebrities are in jail also because they can't say nothing [sic]! They've got no opinion! They're so scared!"

According to the U.S. Constitution, here are the requirements for presidential candidates:

  • be a natural-born U.S. citiizen
  • be at least 35 years old
  • be a U.S. resident for at least 14 years

Since Kanye meets all these requirements, he is allowed to declare his candidacy for president. After he has raised or spent more than $5,000 for his campaign, he must register with the Federal Election Commission.

In May 2018, Kanye talked about Bitcoin during an interview with American radio presenter "Charlamagne tha God". 

He said:

"When you're acting in love, you're like a drop of water and you have the ocean as your army. When you act in fear, it's just you and your money.

"Now you can take your money and put it in Bitcoin, put it in credit form, put it in cash... and then stand up to the ocean and who's gonna win? 

"We definitely are dealing with racism but I want to push future concepts, you know.

"Now I'm doing I'm giving you two streams of consciousness in one. I want to talk about my wife. I also want to talk about Harriet Tubman on the twenty dollar bill... That's the moment I wanted to use Bitcoin."