The cryptocurrency market has been on an upturn recently, with a majority of the cryptocurrencies seeing green across the spectrum. This bullish rise has been fueled by multiple updates and developments coming in from a lot of cryptocurrency companies and networks.
On February 9, Bittrex International, a popular cryptocurrency exchange, announced that the Grin market is open for deposits and trading on the platform. The exchange has also said that withdrawals for Grin will be enabled soon. Grin had made major news recently when it was announced that the privacy-oriented coin fell by 97% in a day. Eric Meltzer of primitive Ventures had mentioned during the launch of Grin that:
“There is (by our conservative estimates) 100 million dollars of mostly VC money invested into special-purpose investment vehicles to mine Grin. This does a lot of weird things: it turns a bunch of people who would have been buyers of grin into sellers of it, it changes the composition of the early holder roster, and it means the chain will launch with an extremely high degree of security via high PoW hashrate.”
Grin has also captured the attention of a lot of technology honchos, which includes Litecoin creator Charlie Lee and Mastering Bitcoin author Andreas Antonopoulos. Charlie Lee had said the currencies are able to “do privacy and scalability without sacrificing anything”. He also stated:
“The issue I have with side changes has always been like how do you secure it […] so having a separate coin seeker by mining, I mean, that security still the best right before work security so yeah it could be done as a side chain for a Bitcoin and for like coin. I’m not sure how useful it is as a side chain or how secure it is as a side chain.”.”
The last time Bittrex was in the news was when a technical glitch on the platform caused mass hysteria amongst users. The incident took place on January 30 after which it took a lot of users to get an answer out of Bittrex, The exchange had tweeted:
“We apologize for the inconvenience, but we are encountering technical difficulties. We are working as quickly as we can to have access restored. We will continue to provide updates as we confirm more information.”
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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