Weeks after Bitcoin SV was delisted, its founders and the coin are in the news once again. Craig Wright, who spearheaded the creation of BSV and the self-proclaimed inventor of Bitcoin, filed for copyright registration with the US Copyright Office to be legally identified as the author of the first BTC whitepaper. When this happened, it pumped the price of BSV by over 100% in just under an hour.
This pump, caused by an unverified claim led to many opinions from many prominent people in the crypto world. Some even called the pump artificial since it did not seem like such a pump taking place so fast could be natural. One person who noted this pump was Cobra, the pseudonymous owner of Bitcoin.org and Bitcointalk.org. He stated that the pump was an aftershock of the delisting dilemma that hit BSV.
Back in April, Craig Wright sent various legal notices for defamation to top influencers in the crypto world such as Ver, McCormack, Hodlonaut. He accused them of making defamatory statements about his claim to be the BTC creator. As a result, various crypto exchanges decided to delists BSV. They accused the BSV camp of acting like bullies.
What Cobra Had to Say
In a tweet he made, Cobra claimed that delisting BSV from some of the biggest exchanges made it easier for those at the top to pump prices and grow its value. In his opinion, the shady exchanges where BSV was still listed were more pliable and could bend to the whims of the leaders. As such, price discovery had become almost impossible for BSV.
BSV has been de-listed by some of the biggest exchanges in the world like Kraken, Binance, Bittrue, Bitforex, and Shapeshift. After the de-listing Ayre, one of the top leaders of BSV announced they would create a BSV-based exchange they dubbed FloatSV. This new exchange announced that it would partners with OKEx, a Maltese exchange amongst the few that have refused to de-list BSV. It is worth noting that Malta is basically the gambling capital of the world.
It is also worth noting that OKEx trading volumes are quite dismal. According to a recent report by The Tie, only about 5.94 percent of expected volume corresponded to what it had reported. While this is not a smoking gun, it is a huge red flag that the exchange is not being transparent. To put things into perspective, Binance saw 78.82 percent of expected volume match its reported figures.
This Claim Might Hold Water
On large exchanges, prices discovery is usually easy. There are usually millions of users responding independently to hundreds of different events at once. What this does is that it creates a natural cycle of demand and supply. According to Cobra, the BSV price pump might be artificial due to these tiny exchanges. These exchanges have major problems with reporting volumes. They are also opaque and they will rarely allow independent parties to examine their books.
Delisting BSV from the major exchanges only made it easier for its “leaders” to pump and artificially increase its value on shady exchanges with less real volume and inadvertently made price discovery more difficult.
— Cøbra (@CobraBitcoin) May 21, 2019
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