In April and May, ‘halving’ was the hottest word in the crypto space, not only because of the planned reward decrease of the first cryptocurrency but also its offsprings - Bitcoin Cash and Bitcoin SV. The Bitcoin halving occurred on May 13, while those of its forks happened on April 8. So far, it had a similar effect on the price of all three currencies as they began to stagnate after the corresponding bull rallies.
The exodus of miners ruins the upward momentum
We remember Bitcoin SV as an absolutely astounding gainer that shocked the market at the beginning of the year by going on a 400% run, despite the controversy around its creator Craig Wright and the semi-farcical court hearings. These monstrous gains allowed BSV to maintain a favorable gaining profile on the year, although the recent crisis has relieved the coin of its mojo.
BSV gaining profile
Although it was not the COVID-19 crash alone that stepped BSV on the throat, but also a massive exodus of miners that occurred right before the halving event.