Over the past couple of weeks, the cryptocurrency market has experienced a significant price surge, with many altcoins gaining more than 50% upside momentum, including Solana (SOL), Cardano (ADA), Avalanche (AVAX), and others. Recently, Bitcoin SV (BSV) has garnered considerable attention from the crypto community as it surged over 40% in the last 24 hours.
Bitcoin SV (BSV) gains attention with 40% price surge
With this substantial price increase, Bitcoin SV is now ranked as the 54th cryptocurrency based on market capitalization. Its price has skyrocketed from $62.59 to the current $88.22, reflected in its volume, which reached $787 million, surging by 277% in the last 24 hours. This price surge has also created a positive market sentiment, attributed largely to South Korean traders.
Upbit, a major South Korean crypto exchange, played a significant role, accounting for $513.81 million in BSV trades, representing 67.25% of the total volume. This suggests a growing interest in BSV among South Korean investors.
However, despite this impressive surge, the BSV token is still 80% down from its all-time high in 2020. Currently, on a weekly timeframe, it is also facing resistance from the 200 EMA (Exponential Moving Average), which might act as a barrier to further surges.
Coinbase’s stance on Bitcoin SV (BSV)
The surge coincides with recent regulatory developments in South Korea aimed at establishing a framework for crypto regulations and addressing illegal activities in the crypto space. Additionally, as of December 27, public officials in the country are now required to report their crypto assets, signaling a move toward increased regulation. These regulatory actions may attract investors who see a regulated environment as more secure.
In Korea, investors are optimistic about cryptocurrencies, but in the U.S., Coinbase, a major exchange, is taking a tough stance on Bitcoin SV (BSV). They’ve announced plans to sell all BSV holdings unless users withdraw by Jan. 9. This move by Coinbase reflects a negative sentiment towards BSV despite the positive overall crypto market outlook in Korea.
