BSV stock price explodes, what's behind it?

Last night, BSV's share price made a sharp rise. The reasons for the rise can be traced back to South Korea.

Bitcoin Satoshi Vision (BSV) surged overnight. Meanwhile, Craig Wright's cryptocurrency rose an incredible 70 percent on a 24-hour basis, from $55.14 dollars to $93.77 dollars for a short time. The coin currently consolidates at $88.89 dollars, with a market capitalization of $1.74 billion.

The exact reasons for the huge price rise remain uncertain. However, a look at trading volume suggests that South Korean investors played a huge role in the rally. This is evident from data from Coingecko. One crypto exchange stood out in particular: Upbit.

While coins worth $912 million were traded in the past 24 hours, nearly 70 percent of the activity took place on the South Korean exchange, as much as $622 million to be exact. Far behind were Seychelles-based crypto exchange OKX (just under 9 percent) and Singaporean trading platform BiONE (about 7 percent).

Coinbase discontinues BSV support

In fact, there hasn't really been much fundamental change in the project that could serve as the basis for this rate hike. Instead, the BSV community recently suffered a major setback. Coinbase announced in early November that it would completely discontinue support for BSV. Trading was no longer possible as of 2021. As of Jan. 9 next year, the company will cease all services for the cryptocurrency, it explained in a press release at the time. Investors are urged to transfer their holdings as soon as possible.

The reasons behind Coinbase's decision have long been the subject of speculation. Some have linked the move to various attacks on the network. Others claim it is a warning to BSV founder Craig Wirght. Australian proclaims Bitcoin invention for himself. He has not yet been able to provide conclusive proof of this. Instead, he has sued several people in the cryptoscene who doubt his story.