U.Today - Bitcoin SV (BSV), one of the largest Bitcoin (BTC) forks and proof-of-work (PoW) cryptocurrencies in 2023, sees its eponymous asset rallying in October 2023. Here are some catalysts that could have triggered the BSV price run to the new one-year high.
BSV rallied on listing announcements, Binance and Bitrue to blame
Today, Oct. 21, 2023, the Bitcoin SV (BSV) cryptocurrency printed a local top over $58 on major spot exchanges. BSV traded above $58 in mid-September 2022 for the last time. Since the start of its explosive run on Sept. 27, its price gained over 90%, growing from $30 to $58.Image by By printing time, the price slightly retraced: Bitcoin SV is changing hands at $54.3 on the largest spot cryptocurrency exchanges.
The rally of BSV was triggered by announcements from the largest centralized exchanges. As by U.Today previously, Binance (BNB), the largest crypto trading platform, relisted the USD-margined BSV perpetual contract with a whopping 50x leverage.
Thanks to Binance's (BNB) decision, BSV spiked by 30% overnight and became the best performer amid all large-cap altcoins.
Also, Bitrue, a mainstream centralized exchange that is particularly popular in the communities of XRP and Ripple supporters, listed BSV in USDT pair and organized a $1,000 welcome bonus campaign.
Conflict between key officers and legal win: Q4, 2023 in BSV
Last but not least, some analysts are sure that BSV might benefit from the highly expected approval of a spot Bitcoin ETF (TSX:EBIT) by the U.S. SEC.It is interesting that the unexpected BSV rally is happening amid the controversial developments that involve its major proponent. As covered by U.Today previously, top tech entrepreneur and Bitcoin SV (BSV) enthusiast Christen Ager-Hanssen as nChain CEO due to a conflict with the BSV key figurehead Craig Wright.
At the same time, Dr. Wright scored a major legal win. The court dismissed the appeal of his vis-a-vis Cobra Bitcoin so that the pseudonymous developer has to stop the operations of the Bitcoin.org website in the U.K. due to copyright violations.