Concerns mount as majority of Bitcoin SV volume comes from 100 transactions

24 Jun, 2019 | Updated: 24 Jun, 2019
by Richard Allen
Opinion
Concerns mount as majority of Bitcoin SV volume comes from 100 transactions

Crypto analyst Kevin Rooke has noted that the vast majority of volume on the Bitcoin SV network comes from just 100 transactions. By comparison, that figure would make up less than 10% for Bitcoin leading to questions regarding manipulation.

Bitcoin SV has had a rough go of it lately. Binance delisted the project earlier in the year, coupled with the industry-wide disapproval of Craig Wright for his claims of being Satoshi Nakamoto many thought that was the end of the road for BSV. However, BSV has actually gone on to set a new all-time high of $243.

However, while its price performance suggests the project is doing well, crypto analyst Kevin Rooke has noted that 86.4% of all Bitcoin SV volume yesterday (June 23) came from just 100 transactions, saying that the Bitcoin SV network is “a total ghost town.”

An accusation like that carries weight. However, Twitter user XRP_Tooch suggested that readings like this can often come as a result of an exchange re-arranging their funds. Several massive transactions are recorded giving the impression of manipulation. As another user pointed out, if that's correct it still means that exchanges account for the majority of volume, not users.

As NewsBTC reports, there is quite a gap between the median transaction value and average transaction value. In June, Bitcoin SV’s median transaction value ranged from $6.52 to as low as $2.09 while its average transaction values ranged from $14,700 to $4,200 for the same period.

 

At the time of writing, Bitcoin SV is down 0.76%, trading at $234.97. 

BSV/USD chart provided by Tradingview

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