- The cryptocurrency collapsed from $254 to $44 raising questions about price manipulations.
- Despite the sell-off, BSV is still 88% higher on a week-on-week basis.
Bitcoin SV (BSV) has been growing actively lately. The coin gained over 250% of its value in less than a week and topped at $254.00 on Thursday. This was the second highest level in the coin’s history. However, later during the day, the coin experienced a flash-crash, collapsing to $44 on Bitfinex in a matter of minutes. The price swiftly recovered towards $200 handle, raising concerns about price manipulations. At the time of writing, BSV is changing hands at $185.50, down 17% since this time on Thursday and still 88% higher on a week-on-week basis.
“Someone just dumped 25k $BSV @ market on Bitfinex,” a prominent cryptocurrency investor and entrepreneur Alister Milne wrote in his Twitter account sharing a price chart with BSV gyrations.
While the actual course of the collapse remains unknown, the community believes that it might have been caused by price manipulations.
It is also worth noting that the flash crash followed the artificial pumping by fake news about Bitcoin SV being re-listed on Binance. The FOMO started late on Wednesday, May, 29, when Chinese media outlets spread the WeChat screen with a statement that Dr. Craig Wright allegedly transferred bitcoins from a wallet that belonged to Satoshi Nakamoto.
Looking technically, after the flash crash, BSV/USD found support at $183.00 created by SMA50 (Simple Moving Average) on the 1-hour chart. This area might serve as a foundation for a recovery towards $200.00. A sustainable move below the above said support would open up the way towards the next bearish aim of $150.00 (SMA100, 1-hour).
BSV/USD, 1-hour chart
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