Bitcoin SV (BSV) is trading near an all-time low in dollar terms. Against Bitcoin, it has already reached this unfortunate estimate.
The Bitcoin offering known as Bitcoin SV (Satoshi’s Vision) has fallen to an all-time low.
Moreover, BSV has lost its value against BTC since the beginning of 2020. According to Tradingview, it has fallen by almost 98% against Bitcoin, which spawn (Bitcoin Cash) was produced.
The controversial crypto asset is currently trading at 0.0011 BTC per BSV, its lowest level ever.
Is Bitcoin SV dead?
BSV was created in late 2018 as a hard fork of Bitcoin Cash (BCH). It had a vision of becoming more technologically advanced in terms of continuing the original Bitcoin protocol.
The fork followed clashes between rival communities over the technical specifications of the Bitcoin blockchain and its subsequent iterations.
One group was backed by entrepreneur and BTC pioneer Roger Ver and Jihan Wu of Bitmain. They promoted a version called Bitcoin ABC (short for Adjustable Blocksize Cap). This will keep the block size at 32MB.
Billionaire Craig Wright and billionaire Calvin Ayer led the second group. Their version, Bitcoin Satoshi Vision, will increase the block size limit to 128MB.
BSV has had a rocky ride since its inception just over four years ago. In August 2021, the blockchain suffered a 51% attack in which miners managed to control more than half of the hashing power. In addition, the network is attacked again in October 2022.
In January of this year, BSV was delisted from trading platform Robinhood causing prices to drop even further.
Earlier this month, Chartered Financial Analyst Timothy Peterson, Named BSV as “sh**iest of all sh** currencies.”
Additionally, BSV proponent Craig Wright, who also claims to have invented Bitcoin, has been making trouble lately. Wright has been Thinking of a lawsuit against Apple after the discovery of the Bitcoin white paper embedded in Apple’s operating systems.
BSV price forecast
Basically, the BSV price outlook is not pretty. Bitcoin Cash was trading at just under $36 at the time of writing. An all-time low of around $32 was last seen in early March.
Moreover, BSV is down a whopping 93% from its April 2021 high of $490. It failed to gain any traction during this year’s rally and is quickly heading towards the “dead coin” label.
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