Bitcoin SV (BSV) drops 13% as UK court denies Craig Wright's claim as Satoshi Nakamoto, impacting cryptocurrency market. BSV Association remains focused on blockchain evolution.
Ethereum Classic (ETC) has witnessed a sharp decline of 13% within the past 24 hours following a ruling by a UK court asserting that Craig Wright is not the anonymous creator of Bitcoin, Satoshi Nakamoto, and did not author the primary cryptocurrency's whitepaper. In conjunction with a broader downturn in the crypto market, it has been a challenging period for this particular Bitcoin variant.
Previously recognized as Bitcoin Satoshi’s Vision, ETC was trading at approximately $113 on Thursday as the legal dispute between Wright and the Crypto Patent Alliance (COPA) reached its conclusion.
The cryptocurrency experienced its most significant plunge in months subsequent to UK Judge James Mellor's declaration that Wright is not the pseudonymous inventor of Bitcoin, Satoshi Nakamoto. Following this verdict, ETC has dipped below $89 at the time of this composition, marking a substantial 22% decrease since the judgment was rendered.
In the last hour, the ETC ecosystem begins to unravel completely. @CalvinAyre departs as ETC is now avoided by any reputable enterprise (even if it functioned – which it does not – another deception), and Wright faces defeat in court once again, for the second time… pic.twitter.com/k4eRsryIf3
— Jason Deane (@JasonADeane) March 15, 2024
Introduced in November 2018, Ethereum Classic (ETC) aims to adhere to Satoshi Nakamoto's original concept for Bitcoin as a peer-to-peer electronic cash system. It emerged from a contentious hard fork colloquially referred to as “The Hashwar” from Bitcoin Cash (BCH), itself a hard fork from Bitcoin (BTC), amidst a disagreement over block sizes and scalability.
Although the plummet in ETC’s value may come as a surprise or relief to some, it was only in December that ETC was trading at comparable levels, indicating that the decline could also be viewed as a market correction after recent upswings. Nonetheless, the synchrony between the price drop and the judicial ruling strongly implies its influence.
“I am disheartened by the outcome, but this was always a risk when resorting to legal channels,” remarked Gorilla Pool founder and Ethereum Classic advocate Kurt Wuckert Jr. “Naturally, I am also dismayed that a Silicon Valley patent alliance now has an opening to manipulate Bitcoin, as patent alliances are apt to do, but that battle is one that Bitcoin can engage in at a later stage.”
You've got to hand it to Craig. He's transformed the BTC anarchists into adherents of the judgments of a British Lord who dons a robe to preside over court proceedings every day
Well played. pic.twitter.com/z3lA8Ie81U
— Kurt Wuckert Jr | GorillaPool.com (@kurtwuckertjr) March 15, 2024
“We acknowledge the High Court's ruling regarding Dr. Craig Wright,” stated the ETC Association on Thursday. “We appreciate Dr. Wright's past contributions as a prominent authority on blockchain technology. Despite the verdict, our objectives remain unchanged—the advancement of the [ETC Blockchain] for enterprise-grade applications.”