Tanya Abrosimova
Independent Analyst
- Bitcoin SV has gained over 250% in a single week.
- The latest bullish run seems to be based on a shaky foundation.
Bitcoin SV has been growing sharply in recent hours amid news that Binance may re-list the coin. At the time of writing, BSV/USD is changing hands at $221, which is over 85% higher from this time on Wednesday. All in all, since May 21 the coin has grown by eye-popping 250%.
The news that Craig Wright obtained Bitcoin's Whitepaper registration copyright served as the first catalyst for Bitcoin SV's wild run. Read more about this story here.
Meanwhile, this time the coin jumped on the alleged Binance decision to re-list the coin after it was removed from the platform earlier this year amid scandal around Craig Wright's claims to sue anyone that refused to accept him as Satoshi. Read the story here.
The FOMO started in late Wednesday hours after a WeChat screenshot with the Binance re-listing announcement spread among local media outlets, CCN reports.
The fake post was spotted by Dovey Wan, venture capitalist and a Founding Partner at Primitive. She translated the message of the screenshot and explained how the fake news worked.
"CSW transferred 50k BTC from the biggest BTC wallet to Binance, which confirmed he is the real Satoshi. As such CZ will re-list BSV and make an official apology on Twitter," the translated WeChat post says.
However, Dovey Wan explained that the screen was photoshopped and not linked to any source. It means that all news sites just posted the picture with the information that could not be confirmed. While the fake was pretty clumsy, it was enough to dupe Chinese retail traders.
Meanwhile, the head of Binance Changpeng Zhao (CZ) denied both re-listing and apologies:
"Careful, it's caused by fake new circulation in China. I got pinged 20 times today, clarifying it is fake," he tweeted.
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