In a notable move, Binance, one of the world’s largest cryptocurrency exchanges, has relaunched Bitcoin SV (BSV) through a USDⓈ-M BSV Perpetual Contract, allowing for 50x leverage. This relaunch had a substantial impact, causing a 30% surge in BSV’s price and leading to the liquidation of over $500,000 in short positions, as reported by Coinglass.
The history of BSV on Binance has been marked by turbulence, stemming from events in April 2019 when Binance decided to delist BSV. This decision came amidst a highly publicized dispute between Binance CEO Changpeng Zhao and Craig Wright, the creator of BSV. The dispute centered around Wright’s assertion that he is Satoshi Nakamoto, the pseudonymous founder of Bitcoin. Wright’s claim had sparked controversy and led to alleged attacks on Twitter users who questioned his identity.
It’s worth noting that while BSV has been relaunched on the Binance platform, Binance has not reinstated BSV spot trading pairs. Following the surge triggered by the relaunch, the value of BSV surpassed $54.
The broader cryptocurrency market is currently exhibiting mixed signals after a week of relatively subdued price movements. These movements were briefly interrupted by sudden spikes attributed to false reports regarding the approval of a Bitcoin ETF (Exchange-Traded Fund).
