On Friday, Binance, one of the world's largest cryptocurrency exchanges, relaunched Bitcoin SV (BSV) through a USDⓈ-M BSV Perpetual Contract with 50x leverage. The move led to a 30% surge in BSV's price and over $500,000 in short position liquidations, according to data from Coinglass.
This development follows a period of turbulence dating back to April 15, 2019, when Binance delisted BSV. The decision was made amid a heated dispute between Binance CEO Changpeng Zhao and BSV creator Craig Wright. The contention revolved around Wright's claim to be Satoshi Nakamoto, the pseudonymous inventor of Bitcoin. This claim led to alleged attacks on Twitter users who questioned Wright's identity.
Despite the relaunch of BSV on the platform, Binance has not reinstated the BSV spot trading pairs. Following the surge triggered by the relaunch, the value of BSV exceeded $54.
The broader cryptocurrency market is currently sending mixed signals after a week of subdued price movements. These movements were briefly interrupted by spikes attributed to false reports about Bitcoin ETF (TSX:EBIT) approval.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.