Bitcoin SV [BSV] plummets by 14 percent in 24 hours as major correction ensues

The cryptocurrency market has returned to its sideways movement of old, with several top coins recording a fluctuating series of rises and falls. At a time when the rest of the market is bracing for the bears’ attack, Bitcoin SV [BSV], currently the eighth largest cryptocurrency on the charts, tumbled by double-digit numbers.

At press time, BSV was falling by 14.26 percent over 24 hours, and was trading at $198.72. The Craig Wright and Calvin Ayre-supported cryptocurrency held a total market cap of $3.41 billion, and a 24-hour market volume of $792.16 million.

What makes this fall so significant is the fact that the cryptocurrency had a fantastic run over the past week, making it one of the best-performing assets in the industry. Analyzing the charts, it is evident that the coin recorded a vertical fall from $231.15 to $207.95, and a succeeding crash that resulted in the price to fall from $207.95 to its current price.

Source: TradingView

The top two cryptocurrency exchanges dealing with Bitcoin SV were ZBG and CoinBene, which had a grasp on $152.93 million and 97.68 million worth of the cryptocurrency’s trading volume, respectively. The cryptocurrency community speculated that the fall may be attributed to market correction, after a few weeks of uninterrupted price hikes. Further, some have even speculated that BSV’s de-listing from major exchanges makes it susceptible to more serious volatility.

Bitcoin SV was in the news recently after Riccardo Spagni, Chief Developer at Monero, called out Craig Wright for an article written by the latter which stated that “Monero and other mixed coins are engaged in the activity of money transfers and money handling.” The article added,

“They involve complying with the anti-money laundering (AML) program, maintaining records, and issuing against the reporting requirements as defined in their jurisdiction. Compliance would include filing SARs (Suspicious Activity Reports) and CTRs (currency transaction reports). Peer-to-peer exchange is covered under the anti-money laundering (AML) rules. Avoiding the requirements of the Bank Secrecy Act (BSA) in the US is not an option.”

Spagni used this logic to sarcastically attack Wright, claiming that even parents who lend money to their kids for lunch “will also go to prison.”

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