Why Bitcoin SV Was Blasting Higher on Wednesday

What happened

Cryptocurrencies have been doing well in the last few days, and coming along for the ride has been Bitcoin SV (CRYPTO:BSV). The coin was up by nearly 13% in price over the preceding 24 hours as of late afternoon Wednesday, a rise that reflected the close association with its near-namesake asset.

So what

Bitcoin SV is a hard fork of a hard fork. It branched off from Bitcoin Cash, which in turn was a fork from the original Bitcoin. Bitcoin SV is an attempt to return to what its developers perceive as the original mission of Bitcoin. As stated on the Bitcoin SV website, referring to Bitcoin creator Satoshi Nakamoto, the asset "has delivered Satoshi's vision of one global Bitcoin blockchain."

Some investors buy this reasoning, and some don't. Regardless, like Bitcoin Cash, the coin very much trades in sympathy with the original Bitcoin. That's a good thing these days, as investors have been flocking to the leading cryptocurrency in droves over the past few days.

One reason for this is the U.K. government's advancement of a sprawling bill that aims to regulate such assets. The country's House of Lords passed a third reading of the proposed legislation, one of the final stages of procedure before a bill is passed into law. Another is the deepening involvement of traditional finance companies in cryptocurrencies, moves that help legitimize them as reputable investments.

Now what

As anyone even vaguely cognizant of the crypto world is aware, assets like Bitcoin SV and its relatives can experience notable price volatility. Recent news on the crypto front has generally been good, but U.S. regulators, in particular, are still very hesitant about such assets -- so the skies aren't necessarily bright and sunny for them at the moment.

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Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.