Bitcoin Satoshi Vision [BSV] ‘mooned’ on 30th May 2019 as the price surged by more than 65% in less than 8 hours. The price rose from $120 to a high of $197, rising almost every two minutes. It also the All-Time High for BSV for many exchanges like Bittrex which listed the fork of Bitcoin Cash [BCH] last year 2018 a couple of days later.
There wasn’t any significant fundamental or technical market indicator supporting the fact. Reportedly, the rise was fuelled by a fake news circulation in the we-chat community. It was first pointed out by Dovey Wan, who tweeted the picture which read the fake news on it in Chinese.
“It reads “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” it’s fake af but many retail will believe it for a while before they figure out it’s fake”
The rise was initiated at around 12: 00 Hours UTC on 29th May 2019. According to the update, the news was started at approximately 10: 00 Hours UTC. Hence, the timelines also justify the false news report. Wan also noted that,
“The trick is easy and constantly used by many scams – all chinese crypto media circulate the breaking news via picture as above in wechat, instead of news link. So anybody can just use the same theme template and photoshop one like above”
Satoshi’s anonymity has always acted as a USP for Bitcoin [BTC] to promote its decentralization. However, last few years the split in the ideologies in the Bitcoin core group had caused two popular forks in two years. Craig Wright, the proponent of one of these chains, BSV, claims to be the real Satoshi Nakamoto. Hence, his version of the chain must be most widely accepted as Bitcoin [BTC].
Do you think other Exchanges must also consider delisting Bitcoin SV like Binance? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com