Bitcoin SV Down 22% As Court Rules Out Against Craig Wright

BSV fell hard after the UK courts declared Craig Wright not to be Satoshi Nakamoto, but the BSV faithful remain defiant.

Bitcoin SV ( BSV ) has plummeted 13.87% over the last day after a UK court ruled out Craig Wright not being the pseudonymous Bitcoin creator Satoshi Nakamoto and not writing the leading cryptocurrency’s whitepaper. Coupled with a broader downturn in the cryptocurrency market, it's been a rough week for the Bitcoin variant.

Also known as Bitcoin Satoshi’s Vision, BSV was trading around $113 on Thursday as the court case between Wright and the Crypto Patent Alliance (COPA) concluded.

BSV saw its largest drop in months after U.K. Judge James Mellor ruled that Wright is not the pseudonymous Bitcoin inventor Satoshi Nakamoto. Following the ruling, BSV has fallen below $89 as of the time of writing, marking a 22% drop since the decision was announced.

Launched in November 2018, Bitcoin SV ( BSV ) poised to follow Satoshi Nakamoto's original vision for Bitcoin as a peer-to-peer electronic cash system. It resulted from a hard fork known colloquially as “The Hashwar” from Bitcoin Cash ( BCH ), itself a hard fork from Bitcoin ( BTC ) over a dispute about block sizes and scalability.

BSV ’s price dump came as a shock, because it was only in December that BSV was trading at similar levels, so the drop may also be a correction after recent gains. The timing of the plunge alongside the court ruling certainly suggests that it played a factor, however.