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Bitcoin’s [BTC] abrupt price rally with no specific reason could drive volatility higher, claims SFOX report




Bitcoin's [BTC] abrupt price rally with no specific reason could drive volatility higher, claims SFOX report
Source: Pixabay

SFOX Inc., which operates as a cryptocurrency prime dealer, released the Crypto Volatility Report for March 2019. The report predicted that BTC’s price uncertainty could drive volatility high. BTC’s price surged by 25% in just two days from $4,089 to $5,089 without a concrete explanation, the report claimed.

Taking into account the 2017 rally as a substantial indication, SFOX detailed that the sharp price movements of the largest crypto asset, not induced by specific reasons, could potentially generate higher uncertainty in the market, which in turn would push volatility upwards.

The report elaborated that the volatility movements exhibited by top altcoins like LTC, BCH, and ETH were not related to Bitcoin and stated,

“.. that the industry at large may be growing beyond BTC.”

Bitcoin Cash [BCH] rallied 18% in two days. Despite the reason speculated behind the spike being a certain announcement associated with the chain’s hard fork by the end of this year, the report cited that it did not seem to be an evident cause for the abrupt spike.

The report went on to say that the BCH rally in March was most likely one of those “spooky rallies” that could not be directed to any specific reason as the asset recorded a significant trading volume at LBank during the month. This was the same trading platform that came under scrutiny for “potentially faking a significant fraction of their alleged trade volume”.

Litecoin’s [LTC] rally and subsequent price doubling for 2019 was attributed to its adoption spree, lower fees, efficient transactions, an exploration of private transactions, and the approaching LTC halving, mentioned the report. According to the SFOX, LTC’s volatility decreased substantially with prices residing to the range of $55 – $61.

Ethereum Classic [ETC] became more volatile from the beginning of the month. The report cited,

“This may be a function of increasing uncertainty about the future of this particular blockchain: on the one hand, ETCLabs’ renewed focus on Dapp development [especially Dapps focused on the Internet of Things] has some believing that ETC may be a currently undervalued platform for powering the next evolution of internet technologies.”

The latest 51% attack on ETC, and Anthony Lusardi resigning from prominent ETC roles were also believed to be the cause of volatility.

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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Bitcoin Cash

Bitcoin SV’s Craig Wright withdraws email evidence submitted to court as he could not verify date of email exchange





Bitcoin SV's Craig Wright withdraws email evidence submitted to court as he could not verify date of exchange
Source: Unsplash

Craig Wright, the self-proclaimed Satoshi Nakamoto, has been in the limelight for the past few days. Apart from the news surrounding a lawsuit over a defamation case, Wright also made headlines due to the news pertaining to the Dave Kleiman case.

Earlier this week, a Reddit user stated in a post that Wright “purposely” submitted a fake email as evidence to the court for the Kleiman -Wright lawsuit. The lawsuit alleges that Wright had stolen $1 million Bitcoin from Dave Kleiman after his death, and Wright was being sued for billions of dollars.

The Redditor had stated,

“Craig Wright’s fraud continues. Yesterday, he submitted into evidence an email he says was from Dave Kleiman to Uyen Nguyen asking her to be a director of his ‘bitcoin company’ in late 2012. It is provably fake. Craig didn’t realize that the email’s PGP signature includes a signing timestamp along with the ID of the key used as metadata.”

Source: Reddit

Source: Reddit

Apart from this, it was also pointed out that the spelling “Kleiman” was misspelled in the letter, as the from address spelled it “Klieman”. Now, according to a new court document, Wright has withdrawn this evidence by stating that he cannot verify the date of the email exchange.

The court letter said,

“Dr. Craig Wright respectfully notifies the Court that he withdraws Exhibit A to his Motion for Judgement on the Pleadings for Lack of Subject-Matter Jurisdiction […] Wright is not withdrawing the motion and maintains that this Court lacks subject-matter jurisdiction over this action”

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