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#DelistBSV’s domino effect: Crypto-enthusiasts ask ‘how much power should exchanges have?’

Priya

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#DelistBSV's domino effect: Crypto enthusiasts ask 'how much power should exchanges have?'
Source: Unsplash

Binance, the largest cryptocurrency exchange by trading volume, was in the spotlight for taking the decision to delist the currently 14th largest cryptocurrency, Bitcoin SV.

This move had a domino effect, with several other exchanges announcing that they would also be supporting the move by delisting the coin from their platforms. This includes top exchanges such as ShapeShift and Kraken’s Twitter poll on the same.  Since then, the coin saw a massive drop of over 28% in its value on the weekly chart, according to CoinMarketCap. In the past 24 hours, the coin has plunged by over 21%. However, this decision made by top-notch exchanges brought up questions pertaining to the control and impact centralized exchanges have.

The #delistBSV series began when Craig Wright and Calvin Ayre served a legal notice to a prominent member in the cryptocurrency space. According to the initial announcement, the first person to receive the notice was a Twitter user, Hodlonuat, as he had previously stated that Craig was a “fraud” for claiming to be Satoshi Nakamoto, the Creator of Bitcoin [BTC]. In this regard, the letter stated that the Twitter user had to issue a public apology to Wright, failing which he would sue him on the “grounds of defamation”.

This, in turn, led to a majority of the cryptocurrency enthusiasts speaking up against Wright and in support of Hodlonaut, with several adding the name to their own display name on Twitter and claiming to be Hodlonaut. This also led to Changpeang Zhao, the CEO and co-founder of Binance, affirming that Wright “is a fraud” and that they would delist the coin if this “sh*t” continued.

Interestigly, the game of serving legal notices did not just end there. Days after the announcement, Peter McCormack, the host of WhatBitcoinDid, and Vitalik Buterin, the Creator of Ethereum, also received a letter issued by Craig Wright and Calvin Ayre. McCormack, as a reply to the legal notice, stated that Wright was “definitely not the person behind the pseudonym Satoshi Nakamoto”.



While a majority of the crypto-enthusiasts stand for #delistBSV, some shared their opinion on the impact that centralized market places had on the cryptocurency space. This included Nic Carter, the co-founder of Coinmetrics, who spoke about the events on his social media handle. He said,

“If fraud from the chief promoters is sufficient reason for a delisting from Binance… almost everything should be delisted. We’re still in the wild west era of cryptocurrency, like it or not totally unregulated, unaccountable exchanges are the kingmakers. I for one am excited for this to change.”

Nic Carter also stated,

“I let out a smirk when I read the news but celebrating this is a bit short sighted. Exchanges are part of a troika (along with coin promoters and coin rankings sites) that all profit by extracting wealth from unsophisticated investors.”

Source: Twitter

Source: Twitter





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Analysis

Bitcoin Cash [BCH] vs Bitcoin SV [BSV] Price Analysis: BCH bullish as BSV struggles to keep pace

Yash Rajan

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Bitcoin Cash [BCH] vs Bitcoin SV [BSV] Price Analysis: BCH signals bullish as BSV struggles to pick up pace
Source: Pixabay

Bitcoin Cash was trending after the multisig transaction was carried out . The Free Ross Ulbricht campaign has also spurred the growth of Bitcoin Cash. According to CoinMarketCap, BCH stood fourth on the list of top cryptocurrencies, with a market cap of $7.12 billion and a 24-hour trading volume of $3.25 billion. BCH rose by 2.16% over 24 hours, at press time.

Bitcoin SV stood sixteenth, with a price of $62.43 and market cap of $1.11 billion. At press time, it had a 24-hour trading volume of $167.29 million. BSV saw a dip of 2.29% during the 24-hour cycle.

1-Day BCH Analysis

The resistance line stood at $418.4, and the three support lines were at $279.0, $157.1 and $112.3. The first uptrend started at $171.5 and ended at $319.9, while the second one extended from $259.3 to $387.

Source: TradingView

Source: TradingView

Bollinger Bands showed an increased rate of volatility in the market and the moving average line was below the candles, depicting bullish trend.

Awesome Oscillator displayed a bullish buying opportunity as the short-term momentum in the market was greater than the long-term momentum.

Chaikin Money Flow suggested that money was flowing into the market.

1-Day BSV Analysis

Resistance lines stood at $97.36 and $87.24 and the support line stood at $55.06. The first downtrend saw a change in price from $96.16 to $78.84 and the second downtrend started at $88.85 and ended at $72.09.

Source: TradingView

Source: TradingView

Bollinger Bands indicated growing market volatility

Awesome Oscillator presented that the short-term momentum was greater than long-term momentum, indicating a bullish buying opportunity.

Chaikin Money Flow indicator was just below the zero-line. This indicated that money flowing out of the market was marginally more than money moving into it



Conclusion

While BCH continued its bullish resurgence, BSV struggled to keep up pace with the general bullishness of the collective market.





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