Bitcoin SV (BSV) Doubles Price Overnight on Fake News of Binance Relisting
On Wednesday, the asset was already climbing rapidly, adding 50% to its price, but the rally did not stop there and continued to record appreciation.
Bitcoin SV (BSV) was the surprising gainer this Thursday, growing by more than 93% in total overnight, peaking at $237.37. The price retreated a little, and the asset stood at $228.11 as of 6:00 UTC. The extreme activity on Asian exchanges was boosting the coin, which started the climb from levels of around $116.
Trading volumes also kept peaking, to an absolute record above $1.9 billion’s equivalent. Despite the delisting from Binance, BSV has an active market on Huobi, Bithumb, and OKEx, with multiple pairs including fiat trading against the Korean won. More than 51% of all activity is against Tether (USDT), decoupling BSV from Bitcoin (BTC).
This is also the reason for the dollar-like spike in BSV prices, while the asset has not recovered its peak price of 0.035 BTC, and hovers around 0.026 BTC. This also reveals that BTC holders are not so willing to switch to the new coin, and the price rises on speculation based on additional liquidity from other assets.
The Bitcoin SV project remains controversial, especially after the claims of Dr. Craig Wright that he is the real Satoshi Nakamoto. It was precisely this content that was used for the fake news - Chinese social media spread the message that Wright had moved a significant amount of BTC to Binance, proving he is, in fact, the creator of Bitcoin.
The CEO of Binance, Changpeng “CZ” Zhao denied the rumors, warning against putting faith in dubious sources.
BSV has generally hovered at low prices, crashing after it decoupled from the Bitcoin ABC version, which is the current Bitcoin Cash (BCH). Its price hovered around $55 before the recent price recovery.
BSV has pumped more than 300% in total in the past month, and the one-day doubling is seen as extremely risky, possibly to be followed by deep losses. Still, the current event boosted the coin’s visibility and speculative potential.
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