Bitcoin SV could surge as Bitfinex and Tether scandal unravels
Despite a major scandal going on at one of the world’s biggest cryptocurrency exchanges, the price of Bitcoin Core (BTC) continues to climb, nearing $6,000 at the time of publishing. More people are now asking if the cause of the increasing price could be market manipulation. Just as importantly, when everything comes to light, will we see a rebound in price for Bitcoin SV (BSV)?
Ethereum World News (EWN) looked into the potential manipulation on May 6, also wondering if something fishy is going on. There’s a lot of evidence to suggest that the market isn’t behaving the way you would expect considering the Bitfinex scandal.
First, considering Bitfinex has played fast and loose with Tether, using $900 million of it to cover up their own $850 million loss, there are questions as to why other exchanges, including Binance, continue to list Tether. Binance and Kraken were quick to delist BSV over the legal actions of Dr. Craig Wright, which is insignificant when considering a potential fraudulent cover up amounting to nearly a billion dollars.
As Chico Crypto has revealed, there are so many big players in the game who have something to gain by protecting Tether, in the case of Bitfinex, or by abusing it, in the case of Binance. Whatever their intentions are, as long as they continue to protect Tether, which doesn’t seem to be fully backed by fiat, the price of BTC is artificially inflated to the point of increasing in price.
While questions will persist about the actual value of BTC until all of this gets sorted out, and even then, questions will persist so long as the players remain involved, the greater impacts of their market manipulation might see reversals as they fall from grace.
When Binance CEO Changpeng Zhao unilaterally decided to delist BSV, the price of that token quickly decreased. Kraken and other exchanges followed suit. But now that allegations are surfacing, specifically for Binance, that they are protecting Tether to protect the current price of BTC and other altcoins, it’s entirely fair to speculate that they are choosing which coins to pump, and which to hold back.
Furthermore, the time is quickly approaching when Wright will be given his chance in court to prove he was the man behind the pseudonym Satoshi Nakamoto. As EWN noted, Wright has been asked to reveal BTC addresses from the time shortly after Dave Kleiman’s death to a Florida court. Not only that, but he’s chosen to fight trolls who call him a fraud, and in doing so he will prove to UK courts that he was the true creator of Bitcoin.
When Wright lays down all his cards, the world will have all the proof it needs to know that he is the real deal, and the price of BSV should respond accordingly. Combined with the great development and progress being made by the BSV team, this makes it a great investment, as prices should grow healthily.
At the same time, the world will be finding out just how deep the corruption goes with Bitfinex, Tether, and other BTC manipulators. Their house of cards might not entirely topple right away; there’s too many people involved who will fight to keep it standing. Revealed for what they really are though, the world will know who has had the best interests of Bitcoin in mind all along, and who’s been running the biggest con the crypto world has ever seen.