The hard fork of the Bitcoin Cash (BCH) blockchain, BSV, has posted record profits. With a price increase of over 70% at the time of writing, the cryptocurrency reached $84.8, a level not seen since April 2022.
The spike can be attributed to the prevailing optimistic market sentiment, but there are other factors at play for Bitcoin SV.
BSV’s wave: South Korea dominates
With this last wave, BSV’s monthly profit have exceeded 82% and trading volume has noticeably increased to over $770 million. This increase appears to be influenced by continued bullish market sentiment in the larger cryptocurrency market, with South Korean investors playing a particularly important role.
BSV price at $88.43. Source: Coingecko
Upbit, a well-known cryptocurrency exchange in South Korea, was responsible for a value of $515 million BSV trading on the last day, according to CoinGecko data. With more than 67% of the transaction volume, it has a huge share. This suggests that South Korean investors are interested in BSV.
At the time of writing, Bithumb, another well-known cryptocurrency trading platform in Asia, accounted for around 5% of all trades in the asset. On their own, South Korean cryptocurrency traders accounted for more than 75% of BSV’s entire trading volume the day before.
BSV market cap currently at $1.714 billion. Chart: TradingView.com
In 2018, Craig Wright initiated the creation of BSV by implementing a hard fork of BCH, which itself had undergone a hard fork of the original BTC chain in August 2017. Nevertheless, the asset has sparked much debate as its creator claims to be the one. However, Satoshi Nakamoto fails to provide definitive proof.
BSV Soars 80% Amid ETF Anticipation
Widespread market excitement over the possible approval of a spot Bitcoin exchange-traded fund (ETF) in the US is a contributing factor to BSV’s rising value. As a result, the value of the Bitcoin fork has increased by almost 80% in the last 30 days.
BSV price action in the last week. Source: Coingecko
To stop illegal activities in space, South Korea recently made the decision to create a crypto regulatory framework. Furthermore, a December 27 update revealed that the country has mandated government officials to make public their cryptocurrency holdings, marking a notable progress in the regulation of the space.
Given the sense of security that comes with operating in a regulated industry, investors may have taken note of these developments.
Meanwhile, BSV is still down 82.29% from its all-time high in 2020, when it was one of the largest cryptocurrencies by market capitalization, despite the coin’s recent price increase.
Often referred to as “Satoshi’s vision” for Bitcoin, BSV experienced a small drop in market value following a statement from Coinbase. The top US cryptocurrency exchange said it will no longer support Bitcoin SV from January 9, 2024.
In October last year, BSV fell victim to an ’empty block mining’ attack. An empty block attack occurs when miners consciously choose to omit transactions from the blocks they are verifying, slowing down the network for users in the process.
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