Bitcoin SV collapses below $100, as crypto market falters

Bitcoin SV (BSV) has once again fallen below the $100 mark. After crashing down from $111, dropping as low as $73.91 within the space of five hours, Bitcoin SV has now recovered slightly, sitting at a current value of just $84.38. But things are still not looking good.

Although practically the entire market has witnessed striking losses in the last 24 hours, Bitcoin SV has suffered the worst out of them. BSV lost just over a quarter of its value in the last day, losing more value than an other cryptocurrency in the top 30 by market capitalization.

Bitcoin SV has had a rough second half of 2019, with the cryptocurrency recording losses of over 64% in the last three months. BSV is currently performing worse than its direct competitor Bitcoin Cash (BCH), with the latter recording just 54% losses over the same timeframe—although still not exactly desirable.

The Bitcoin SV network has also taken a stark hit to its hash rate, which fell from 1.07EH/s down to just 0.81EH/s over the past five days. This loss of almost 25% in under a week puts Bitcoin SV at its lowest hash rate in over a month—significantly reducing the security of the Bitcoin SV blockchain.

This recent price action casts a large shadow over a prediction by Lisa N Edwards—Bitcoin SV booster Craig Wright's sister—that BSV will grow by as much as 400% by 2020. But you never know.