BitcoinSV (BSV) Up 65% as Upbit Spur Increased Trading Volume

BitcoinSV (BSV) has increased by 65% in 24 hours, spurred by an increased trading volume from South Korea’s largest exchange, Upbit. The Bitcoin Cash fork rose from $57 to a new high of $93, with about 65% of its trading volume from Upbit.

Upbit provided over $425 million in spot trading liquidity to BSV, leading to a 21-month price high of $93. BSV’s market cap and 24-hour trading volume also spiked 41% and 320%, respectively, signaling a significant cash injection into the blockchain. BSV’s market cap sat at $1.745 billion at press time, while the 24-hour volume was $772 million.

The South Korea Effect

This time, the South Korean effect got to BSV after an uneventful few months for the token. Amidst the global market gains, BSV remained almost unmoved as it made little effort to break above $50 since October.

However, the token drew the attention of South Koreans on December 27, leading to a notable price uptick. The reason behind the attraction, especially from Upbit traders, remains a mystery.

Interests from South Korea’s largest exchange, Upbit, usually spur notable changes in token prices. However interesting a positive attention might be for a crypto asset, a huge selling pressure could also lead to price capitulation. LOOM dumped over 500% in October after Upbit started depositing a large chunk of the token into Binance and Bithumb for sell-offs.

What Next for BSV

Despite the recent surge, BSV is still 82% off its all-time high of $442. With the bull run still early, the token could make a resurgence. However, controversies around its owner, Craig Wright, and major exchanges ending support for the token could be a major bump to overcome.

Earlier in the year, Coinbase and Robinhood ended support for BSV, with the former giving users until January 9, 2024, to withdraw or convert the token or face losses. BSV is not also listed for spot trading on exchanges like Binance and Bybit, meaning investors would have to do more to buy them.