Binance relists BSV as perpetual contract, price surges 30% in one hour
- Binance has revived Bitcoin SV (BSV) through a new USDⓈ-M BSV Perpetual Contract, boosting BSV's price by over 30% in an hour.
- Binance's BSV launch comes after 2019 delisting of spot trading pair due to a public dispute.
- BSV's price surge has led to over $500,000 in short positions being liquidated on Friday.
Binance, the largest cryptocurrency exchange by volume, has launched USDⓈ-M BSV Perpetual Contract with up to 50x leverage, years after delisting the Bitcoin SV (BSV) spot trading pair. The move led to over a 30% surge in BSV's price within the last hour. Based on Coinglass data, the development has also caused over $500,000 short position liquidations on Friday at the time of writing.
Binance's decision to relist BSV
Binance had initially delisted the BSV spot trading pair on April 15, 2019, following a contentious period when Binance CEO Changpeng Zhao (CZ) publicly locked horns with BSV creator Craig Wright. The controversy emerged after Wright claimed to be the pseudonymous Bitcoin creator, Satoshi Nakamoto, and CZ alleged that Wright launched attacks on Twitter users questioning his identity.
Notably, Binance has not reinstated BSV spot trading pairs this time. The exchange has introduced a BSV perpetual contract, the USDⓈ-M BSV Perpetual Contract, offering up to 50x leverage. The development has boosted BSV's price by over 30% on the hourly time frame with BSV surpassing $54.
Price surge leads to liquidations
The market has responded positively to Binance's reintroduction but the sudden surge has triggered liquidations of short positions by over $500,000 on Friday, as per Coinglass data.
The broader crypto market is currently witnessing mixed signals after a week of sluggish price action that was briefly interrupted by spikes resulting from false Bitcoin ETF approval reports.
Author
Shraddha Sharma
FXStreet
With an educational background in Investment Banking and Finance, Shraddha has about four years of experience as a financial journalist, covering business, markets, and cryptocurrencies.
