Hey everybody, how’s it going?
Another day, another drama. However, this time, the drama reflects very well on the cryptocurrency community and space at large – but more on that later.
First, let’s check in on the health of the market.
Market update
At the time of writing, Bitcoin, still the market ringleader after a decade, was holding the line at $5238. After suddenly testing precipitous lows in the $4900 range, the world’s number one digital asset recovered with grit by gradually clawing back the $5200 mark.
The obvious question here is – will it hold?
We’d love to know the answer to that, too. What’s important to consider at this juncture is that with a decline in volume and no apparent fundamentals at play in the near-short term, BTC is likely going to be given to chop until enough momentum signals itself in one direction or another.
After last week’s gargantuan move up, we won’t be surprised if accumulation in the $5000-$5200 zone continues unabated. The dip to $4900 tapped supply in that range so quickly and neatly that we’re convinced there is enough demand to maintain current levels – though whether that demand is solid enough to retain mid-term support is yet to be seen.
Craig Wright drama
If you’ve been on crypto Twitter at all over the last few days, then you’ve no doubt come across the dumpster fire that is Craig Wright and the Bitcoin SV fork. Short of rehashing the entire drama, we’ll merely recount that Craig Wright has claimed on many occasions that he is Satoshi Nakamoto and the inventor of Bitcoin. Those claims have been roundly rejected by people near and far from Bitcoin’s origins, and to this day, Wright has never come forward with conclusive proof about his claims.
Recently, Wright threatened both a spacesuit-wearing cat named Hodlonaut and What Bitcoin Did podcaster Peter McCormack with a lawsuit should they fail to publicly admit that he really is Nakamoto.
In response, the crypto community did something completely unexpected – it decided that Wright had finally crossed the line and banded together. Donations , in defense of both Hodlonaut and McCormack, have come pouring in. Then, Binance – the largest digital asset exchange on Earth – went ahead and delisted BSV.
Soon after, San Francisco-based exchange Kraken followed suit along with Shapeshift, Phantasma, Blockchain.com, Bittylicious, and others. Additionally, several exchanges have signaled they are considering delisting BSV while OKEx decided to maintain support of the controversial asset.
Of particular interest in the BSV saga is the ability that the cryptocurrency community has displayed to band together and, in effect, govern itself without intermediaries or appeals to higher authorities. For instance, to determine whether it would support or delist BSV, Kraken released a Twitter poll that gave users the final say in the matter.
After Binance made the move to delist, markets responded with a wave of green that has persisted for two days, showing widespread acceptance of the decision.
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