BSV Surges 80% As Craig Wright Files Copyright Registration for Bitcoin Whitepaper

Craig Steven Wright (“CSW”), the Australian computer scientist and self-proclaimed inventor of the Bitcoin protocol, has claimed that the US Copyright Office recently awarded him a copyright registration for being the original author of the Bitcoin whitepaper.

According to CSW, he has also been granted a copyright registration for writing “most of the original code” used to implement the Bitcoin blockchain network.

Commenting on the matter, DecryptMedia revealed that a spokesperson had sent a press release to the news media outlet, stating:

 

This is the first government agency recognition of Craig Wright as Satoshi Nakamoto, the creator of Bitcoin.

 

Meanwhile, CoinGeek reported that the registrations (allegedly) “issued by the US Copyright Office recognize Wright as the author” of both the initial Bitcoin codebase and the cryptocurrency’s whitepaper, which was published after the code was released.

Wright Has Only Submitted A Claim, Has Not Received Any “Recognition”

As pointed out by DecryptMedia, Wright’s claim that he has been granted “government agency recognition” would appear questionable. It seems that Wright has only registered a claim with the Copyright Office, which any individual or organization can submit.

At this point, the only thing that can be confirmed is that Wright paid a $35 fee in order to file an application which requests that he should be granted US copyright registrations for the authorship of the Bitcoin whitepaper.

Registering A Copyright Only Requires “Filling Out A Form”

As explained by Jerry Brito, Director at Coin Center, registering a copyright only requires filling out a simple form. Moreover, the US Copyright Office does not conduct an investigation, in order to determine the validity of the claim, Brito noted. The Office is only responsible for “registering” all claims submitted.

The Coin Center Director also clarified that copyright registration does not, in any way, mean or imply “recognition of authorship.” In statements shared with DecryptMedia, Brito further explained:

 

[CSW’s copyrights claim and application are] simply recognition by the Copyright Office that someone is claiming authorship. Registering a copyright is a simple as filling out a form with your claim... It would be up to a court to decide if a copyright registration is based on fraud or not.

 

Bitcoin SV Surges Nearly 80%

Soon after CoinGeek reported that CSW had received copyright registrations for being the author of the Bitcoin whitepaper, the price of Bitcoin “Satoshi Vision” (BSV) surged by nearly 80% according to CryptoCompare data.

BSVUSD

Bitcoin Continues Correction to the Downside Amid High Stakes — Price Analysis

Colin Muller
  • Short term trend: Good chance for an end to the downtrend soon
  • Medium term trend: Uptrend intact but coming under more pressure
  • Long term trend: Downtrend holding strong, unchallenged

As we correctly forecast here yesterday, Bitcoin (BTC) has completed its consolidation around $8,600 and continued to the downside in an extension of its correction from $9,100. It has entered clear support starting at about $8,200, and there is a decent chance of the correction find a bottom within that zone.

We start on the 4-hour and see that the drop in volume telegraphed today’s move down. The typical 3-wave movement of a correction is likely to find support above $8,140 or thereabouts, with support derived from recent resistance.

Within supportBTC chart by TradingView

The histogram is still pointing down hard at time of writing, implying that momentum is still to the downside and might take a bit more time to bleed off. Of course, all of this assumes that Bitcoin’s movement here is a simple correction and not a trend change; in other words, this assumes that the medium-term trend is still up, which may well turn out to be false.

If we take a look at the daily, we see that the scope for a retracement is liberal within the medium timeframe uptrend, starting on January 3. Price can come down to $7,700 without setting off major alarm bells within this market structure; down, namely, to the “golden pocket” .618-65 area of the Fibonacci scale.

Plenty of roomBTC chart by TradingView

We see that the RSI here is engaging a key inflection point on its scale, around 50%. Ideally, we’d like to see this hold and preserve a strong medium uptrend. The histogram looks alarming here, poised to cross over negative with a decent momentum. It is noteworthy that the last two times we’ve seen this, Bitcoin was bought up at the 11th hour and the medium uptrend preserved.

High stakesBTC chart by TradingView

Finally, moving to the weekly chart, we see the larger picture and the overall risky position that Bitcoin is in. The leading crypto has so far soundly failed to break out of the downtrend it's been in for seven months, and failed to surmount the important $9,100 mark.

At this point, it is threatening to again lose the 21-week EMA; and this would put the 55 EMA into serious question. This week is likely very important for setting Bitcoin’s trend in 2020 – and so far, things are not looking great.

The views and opinions expressed here do not reflect those of CryptoGlobe.com and do not constitute financial advice. Always do your own research.

Featured Image Credit: Photo via Pixabay.com