Fed Meeting's a Dud for Bitcoin, and So Is Wright Trial for BSV
  The latest moves in crypto markets, in context Edited by Bradley Keoun November 4, 2021 Sponsored by  (Price data as of November 4 @ 11:50 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Bradley Keoun Bitcoin (BTC) was lower, ticking just below $62,000 as traders digested the Federal Reserve's decision Wednesday to start unwinding the emergency stimulus measures put in place last year when the coronavirus struck global markets.
The money-printing program has fueled bets on bitcoin as a potential inflation hedge, but there are few signs of any rush by traders for the exits as the Fed starts to taper the $120-billion-a-month of asset purchases.
Some investors and analysts in traditional markets characterized the move as a "dovish taper," since Fed Chair Jerome Powell declined to commit to a timeline for raising interest rates once the asset purchases conclude as scheduled in mid-2022.
"The Fed's start of reducing its asset purchases should not derail the longer-term bullish case for bitcoin," Edward Moya, senior markets analyst for the foreign-exchange broker Oanda, wrote in an emailed brief on Wednesday.
After a powerful 40% surge in October that was the largest cryptocurrency's biggest monthly price move this year, bitcoin looks pretty anemic so far in November: trading sideways, in a range between roughly $59,000 and $64,000.
Ether (ETH), the native cryptocurrency of the Ethereum blockchain, was also lower, around $4,560. FSInsight, a market strategy and research firm, says the token could outperform bitcoin in the short term. The firm's price target for ETH is $4,951, followed by $5,826.
In traditional financial markets, the dollar advanced and U.S. Treasury 10-year yields slipped by 0.04 percentage point to 1.57%. Gold futures rose and U.S. stock futures pointed to a higher open. No Breakout for Bitcoin Satoshi's Vision (BSV) Token as Wright Trial Gets Underway
There was some speculation – or hope, anyway – among backers of the Bitcoin Satoshi's Vision blockchain that the network's native cryptocurrency, BSV, might jump in price as a highly anticipated trial got underway this week in Miami.
But crypto traders are already rendering a verdict on the proceedings so far: The BSV price has barely moved in response to the courtroom drama.
The trial is Kleiman vs. Wright, which is being closely because of the defendant Craig Wright's history of claiming to be the inventor of Bitcoin but failing to conclusively prove it.
CoinDesk's Cheyenne Ligon is in Miami covering the trial, and she reported late Wednesday that attorneys for the plaintiffs, Ira Kleiman and W&K Info Defense Research LLC, began to paint an unflattering portrait of Wright, his business practices and interpersonal dealings.
It started with former Bitcoin developer Gavin Andresen, who testified that Wright "bamboozled" him.
In a pre-recorded video deposition shown in court Tuesday, Andresen testified that he began to doubt Wright's claim after he notoriously failed to deliver cryptographic proof that he had access to the private keys believed to belong to Bitcoin inventor Satoshi Nakamoto.
"I'm starting to doubt myself, and imagining the clever ways you could have tricked me…" Andresen wrote to Wright on May 3, 2016, in an email presented in court.
Crypto traders apparently are clinging to their doubts as well. Over the past seven days, the BSV token's price has climbed 4.7%. That beats the 1.9% return over the same period for bitcoin (BTC), but the gap represents a trifle in a notoriously volatile market where bitcoin's price has more than doubled this year to a market capitalization of about $1.2 trillion.
BSV, by contrast, is up just 4.1% this year, vastly underperforming hotter, upstart tokens like Axie infinity (AXS), which has climbed more than 250-fold in price this year, or Solana's SOL, up 148-fold.
Even bitcoin cash (BCH), created via a hard fork off the main Bitcoin blockchain just before Bitcoin Satoshi's Vision split off into a new network, is up 74% in 2021.
More compelling exhibits and testimony could emerge as the trial continues. But so far there's been little evidence of any aha moment in cryptocurrency markets.
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