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Bitcoin SV Surges 65% as Korean Traders Pump the Price

Key Takeaways

Bitcoin SV (BSV) has seen a dramatic price increase over the past 24 hours, surging by 65% as of press time. The rally appears to be driven largely by South Korean traders on Upbit, the country’s largest cryptocurrency exchange.

Price Spike

Bitcoin SV is currently trading at $85.26, representing a 74% rise over the past week and a monumental 55% increase in the past 24 hours, according to data from Coingecko. https://www.coingecko.com/en/coins/bitcoin-sv

Exchange Delistings

The price surge comes despite Coinbase announcing in December that it will delist support for BSV on January 9, 2024. This follows similar moves by other major exchanges like Kraken and ShapeShift.

The Bitcoin price has also surpassed the $43,000 mark, fueled by optimism around the possible approval of a spot Bitcoin ETF in the first week of January 2024. Altcoins like Ethereum, Ripple, Litecoin and Dogecoin have also all seen positive price shifts recently.

Korean Trading Dominance

Upbit, South Korea’s largest crypto exchange with an 80% market share, is responsible for the majority of BSV’s trading volume at the moment. This points to Korean traders as the primary driver behind the sudden price pump.

South Korean Exchange Landscape

Other major Korean exchanges include Bithumb at 15-20% market share, Coinone at 3-5%, and Korbit below 1%.

Bitcoin SV Set For Further Gains?

It remains to be seen if Bitcoin SV can sustain its current momentum. Some analysts argue the Coinbase delisting and other exchange moves spell trouble, while bulls point to strong institutional interest and development in the BSV ecosystem.


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