BSV Slides after Wright Fails to Prove Access to BTC Keys

Bitcoin SV (BSV) has dropped 17% overnight after Craig Wright’s attorney confirmed to the court that Wright does not have access to Bitcoin (BTC) worth $9 billion.

The altcoin also fell 40% below the peak hit on January 15 to reach $262.

“The file that he’s received did not include private keys,” Wright’s attorney Andres Rivero said.

After outperforming the Bitcoin Cash (BCH), BSV lost its position as the fourth biggest altcoin by market capitalization. However, BCH/USD rose 7% over the past 24 hours.

BSV soared 100% last week on news that Wright, who is claimed to be Nakamoto, told the court that he could access a crypto fortune worth $8.9 billion dubbed as “Tulip Trust”.

After the death of Kleiman in 2013, it was supposed that 50% of the Bitcoin assets would go to inherits, as per law, but this never happened, so Kleiman’s brother filed a lawsuit against Wright.

BSV started 2020 with a nasty uptrend from the support level of $95.00. The cryptocurrency gained momentum over its resistance areas of $120.00 and $150.00. It then consolidated above the $150.00 level.

Source: News BTC

Although BTC has maintained its uptrend over the past days, it seems that BSV’s performance became correlated to the developments of Wright’s lawsuit.

BTC has gained bullish momentum, reaching $8,876 compared with around $7,000 at the beginning of this year.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.