Bitcoin SV (BSV) Captures Momentum, Up 10% in a Month Despite Market Slowdown

Bitcoin SV is a hard fork of Bitcoin Cash which is also a fork of Bitcoin itself. BSV, however, has traits unique to itself

Bitcoin SV (BSV) has captured some momentum and gained some ground against the bears today, August 8, as the market rebound slows.

However, BSV has managed to eke out some gains, rising by about 1.3% and trading at $40.97 at the time of writing. This puts the coin in a good position, especially considering that BTC and ETH have both recovered slowly over the past 24 hours.

The coin has also been up by more than 10% since last month, which is a huge advantage in the market’s hostile environment.

BSV is a hard fork of Bitcoin Cash, which is itself a fork of Bitcoin. However, BSV has traits unique to itself, unlike its close cousins, that make it more attractive to businesses.

One organization that is using BSV to solve real-world problems is the Blockchain Association Uganda. The organization’s project, KitePesa, is a stablecoin that is backed by the Ugandan shilling.

According to Reginald Tumusiime, President of the Blockchain Association Uganda, most of the countries in Subsaharan Africa have been exploring central bank digital currency (CBDC) projects as a form of currency.

This institutional interest in blockchain technology and stablecoins is what KitePesa will leverage for further development.

The project is relevant because the Ugandan people have been switching to digital banking, which offers the same features as traditional banks but with the convenience of mobile phones.

In 2023, customers of mobile money providers reached 42.9 million, and this figure is expected to rise in the coming decades.

KitePesa will use institutional interest to build a reliable blockchain infrastructure that operates and functions much better than traditional mobile money networks.

With Uganda’s robust regulatory framework regarding payments and the technologies involved, KitePesa has regulatory backing to operate in a legal environment.

The project will be launched on the BSV Blockchain, integrating the somewhat local project into the international market, which may invest as they see potential in KitePesa.

BSV could be poised for a breakout and is attempting to settle between $40.29 and $45.30. If the bulls are able to take this position, we might see further upward movement in the coming days or weeks.

However, the market is still seeing hesitation, with the total market cap of the crypto market seeing a measly 0.2% gain in the past 24 hours as Bitcoin and Ethereum recover at a snail’s pace.

In private equity, indices, futures, and commodities are experiencing hiccups as the market expects more volatility ahead and after the release of several macro indicators.

This will likely hamper BSV’s short term to long-term gain as the coin moves with the broader market.

The current movement is part of the outlying group of cryptocurrencies that outpaced the whole crypto market.

If BSV can stabilize at the $40.29-$45.30 price range, we might see a continuation rally in the long term. But this move is still highly dependent on the broader market’s movement, which is currently grinding to a halt.

Investors and traders should still treat BSV with caution as it can be susceptible to any market swing both upward and downward.

The above is the detailed content of Bitcoin SV (BSV) Captures Momentum, Up 10% in a Month Despite Market Slowdown. For more information, please follow other related articles on the PHP Chinese website!