Fake Satoshi and Binance Rumor in China Cause Bitcoin SV [BSV] Rise: Report

By Nivesh Rustgi
Published May 30, 2019 Updated May 30, 2019
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Fake Satoshi and Binance Rumor in China Cause Bitcoin SV [BSV] Rise: Report

By Nivesh Rustgi
Published May 30, 2019 Updated May 30, 2019

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.

BSV/USD 1-Day Chart on Bitfinex (TradingView)

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.

Photo of Fake News on BSV that Went Viral

“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”

Also Read: Binance Exchange Finally Delists Bitcoin SV [BSV]; BSV Falls by 8% Instantly

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].

Also Read: How To Prove the Real Identity of Satoshi Nakamoto, the Creator of Bitcoin? CZ Suggests

 Nevertheless, he has failed in his efforts over-all in convincing the crypto-community to support his claims. Moreover, his strategies are mostly causing abnormal movements in the markets and also creating considerable FOMO and FUD.

Do you think other Exchanges must also consider delisting Bitcoin SV like Binance? Please share your views with us. 


The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
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

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