Bitcoin SV Volume is Heavily Manipulated, Data Finds

Ursprünglich erschienen auf: https://thebitcoinnews.com/bitcoin-sv-volume-is-heavily-manipulated-data-finds/

Timothy Peterson, CFA at Cane Island Alternative Advisors, tweeted about Coinmetrics’ recent findings on Bitcoin SV (BSV) transactions, which show extremely high levels of wash trading.

Bitcoin Satoshi’s Vision, or Bitcoin Scam Version?

Bitcoin SV, the cryptocurrency led by self-proclaimed Satoshi, Craig Wright, seems to have heavily manipulated transaction data, according to a report by Coinmetrics. Bitcoin SV has been controversial since its inception, not only because it was created as a contentious fork which caused a messy split of the Bitcoin Cash (BCH) blockchain, but also because of the involvement of Craig Wright and Calvin Ayer with the project.
Looking at the data, Timothy Peterson noted that the average transaction amount on the BSV chain is smaller than 1/10th of a cent. Furthermore, the network currently reports that it handles around 700,000 transactions of these extremely small transactions each day.

(1/2) The median (middle) transaction value for $BSV is less than 1/10 of one cent. This is an economically meaningless value. Txns have soared to 700k/day, meaning there are hundreds of thousands of fractional cent txns being processed daily…. pic.twitter.com/URIEYZBWSz
— Timothy Peterson (@nsquaredcrypto) January 31, 2020

 
This can lead to only two conclusions, either BSV is being used to process almost a million micro-payments every day, which eclipses the volume of the Lightning Network, or the volume is being spoofed by trading bots to fake activity. Seeing that there are only 40,652 active BSV wallet addresses, it’s highly unlikely that these transactions are genuine.

(2/2) Only explanation is automated wash trades to inflate $BSV stats and pump price. This is what price manipulation looks like. Data: @coinmetrics. cc: @Bitfinexed
— Timothy Peterson (@nsquaredcrypto) January 31, 2020

Do People Even Use BSV?
Craig Wright has claimed to be the anonymous creator of Bitcoin, Satoshi Nakamoto, for years but has been called out many times. He has been unable to provide conclusive proof to substantiate his claims, and much of the proof he has provided has been completely discredited.

Confirmed: Craig Wright doesn’t have keys to $8 billion of Bitcoin (via @decryptmedia) https://t.co/orkv9yNsjd
— Dan Hedl (@danheld) January 17, 2020

With new data hinting that transactions are being faked on the BSV chain, it calls into question just how much usage the chain actually has, if any at all. Most of the onchain transactions on BSV come from a single weather app, with as much of 96% of transactions being from this one app.
Bitcoin SV claims to have a lot of different apps, but it seems that only the weather app is being used at all. Even the weather app’s purported usage is spurious, detractors say it’s just taking data from a weather data site and writing it on the BSV blockchain. It’s not that Bitcoin SV users are obsessed with the weather, and using the app constantly to check the forecast.

Yes I agree BSV can be useful as a kind of minimum level of intelligence test. But I think you are one of those that failed it😁
— Andrea Chiavazza🇪🇺🇵🇸🇮🇷 (@ndrchvzz) November 24, 2019

Bitcoin SV has been jokingly called an intelligence test by the rest of the crypto community because of the poor reputations of its main supporters, the controversy surrounding Craig Wright’s claims to be the creator of Bitcoin, and because of the strange data surrounding BSV transactions.
Do you think BSV is spoofing it’s transaction data? Let us know in the comments!

Images via Shutterstock, Twitter @ndrchvzz @danheld @nsquaredcrypto, charts by Coinmetrics The post appeared first on Bitcoinist.com.

 

source: https://bitcoinist.com/bitcoin-sv-volume-is-heavily-manipulated-data-finds/

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Litecoin Surges 20%, Will LTC Spark Another Major Crypto Rally?

Ursprünglich erschienen auf: https://thebitcoinnews.com/litecoin-surges-20-will-ltc-spark-another-major-crypto-rally/

One of today’s biggest movers on crypto markets is Litecoin. LTC has been relatively quiet in recent weeks when its big brother has taken the limelight, but today it has surged to $70.

Crypto market momentum is still building as we round out another week. A further $10 billion has been added to total capitalization taking it to a four month high of $263 billion. Bitcoin has grabbed another couple of percent in a push above $9,500 but today’s top mover is little brother Litecoin.
Litecoin Lights it Up
The silver to bitcoin’s gold has been on fire over the past few hours surging an epic 20% from $58 to top out at $70 according to Tradingview.com. LTC is currently the best performing altcoin in the top 25 and the only one in double digit gains.
LTC prices 1 hour chart – Tradingview.com
The move has lifted Litecoin to a four month high and broken the downwards channel. A minor pullback has dropped prices back to $67 at the time of writing.
Traders and analysts have been eyeing the moves and looking for support and resistance levels.

#LTC
That’s what I’m talking about.
Litecoin is up over 10% today. 🔥🔥
Top Goon X still showing good trend strength and not indicating any dip yet. https://t.co/QMNgTe0t64 pic.twitter.com/DaOkWY3P5i
— NebraskanGooner📈 (@nebraskangooner) January 30, 2020

After such a quick surge LTC is likely to fall back to its support level, which is just above $60, before another leg higher.
2019 Rally Redux?
Litecoin has made a whopping 64% so far this year, almost double that of its bit brother. Last year it was one of the best performing crypto assets, for the first half of 2019 anyway. LTC surged over 350% from January to June.
Some have observed the movements of Litecoin and compared them to last year’s rally.

“#LTC had almost 5X fold in last bear to bull run from around $30 to around $130. That included halving. $LTC is the silver hope you are holding $BTC for the next halving of the gold.”

The LTC halving was widely considered to be the catalyst for the 2019 bull run as Litecoin led markets for some time in April and May.
A similar situation could be unfolding at the moment although there is no halving to lift Litecoin this time around.
Last week Litecoin founder Charlie Lee proposed that mining pools donate 1% of the block reward to the Foundation to support ongoing development. The proposal mirrors one by Bitcoin Cash leaders though theirs was much steeper and consequently labeled a tax.
Litecoin has fallen out of favor over the past six months or so but today’s action proves that the bulls are still very interested in this digital asset.
Will Litecoin lead the rally again this year? Add your comments below. The post appeared first on Bitcoinist.com.

 

source: https://bitcoinist.com/litecoin-surges-20-will-ltc-spark-another-major-crypto-rally/

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Bakkt Bitcoin Options Trading Volume for Last Week was Just Zero

Ursprünglich erschienen auf: https://cryptocurrencynews.com/bakkt-bitcoin-options-trading-zero/?utm_campaign=rss__ccn&utm_source=rss&utm_medium=rss

Bakkt, the highly touted cryptocurrency exchange founded by the Intercontinental Exchange, saw zero Bitcoin options traded last week as it continues its hugely underwhelming start to life.

The Bitcoin futures exchange, governed by the company behind the New York Stock Exchange, was billed as a gateway for institutional investors to get in on the world of crypto trading given its close associations with established financial institutions. However, the pre-launch excitement failed to translate into activity as Bakkt traded just 623 futures contracts in the first week of launch in late September. Volume did start to pick …

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