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Fake Satoshi report causes Bitcoin SV price rise

Maya Mandzikasvili | May. 30, 2019
Fake Satoshi report causes Bitcoin SV price rise

May 30, 2019, | AtoZ Markets - Another Bitcoin SV price rise. Following the fake Satoshi report on Chinese social media, Bitcoin SV price has surged by more than 65% in less than 8 hours. 

Bitcoin SV price rises again after Fake Satoshi report

According to the latest crypto reports, Bitcoin Satoshi Vision (BSV) price surged by more than 65% in less than 8 hours. The price rose from $120 to $197 and 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 few days later.

The crypto community suggests, that Bitcoin SV price rise happened due to a fake news circulation in the we-chat community. Dovey Wan tweeted the picture which read the fake news on it in Chinese. Wan is a Founding Partner @ Primitive with @wheatpond, as her Twitter bio states.

The fake news report 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

Wan outlined, that such a trick is constantly used by many scams. She noted that all Chinese crypto media circulate the breaking news similar to aforementioned via picture in wechat, instead of news link. “So anybody can just use the same theme template and photoshop one like above,“ Dovey Wan concluded

Bitcoin SV price rise and fall in 2019

It is worth to mention that it is not the first significant Bitcoin SV price fluctuations identified this year. Last week Bitcoin SV value more than doubled following reports that Craig Wright registered Bitcoin copyright claims with the United States government. Then Bitcoin SV rose 125% after Wright was granted copyright registrations for the original Bitcoin Whitepaper with the US Copyright Office.

A huge wave of hype arose in the crypto space and on social media. Hours after, however, Bitcoin SV lost nearly 50% and stayed around $100. Moreover, the US Copyright Office, where Wright registered Bitcoin trademark, in its press release noted, that it does not recognize Craig Wright as Satoshi. It is not clear, whether there is a connection between the latest US Copyright Office report and Bitcoin SV fluctuations. However, seemingly the US agency announcement could have affected BSV value at some point.

Recalling previous Binance and Bitcoin SV interactions

Earlier, Atoz Markets wrote about the intention of Binance CEO Changpen Zhao (Czech Republic) to delist BSV in response to Wright’s attacks on Twitter users who claim that he is not Satoshi Nakamoto, the founder of bitcoins.

In April 2019,  the world's largest crypto-exchange Binance announced excluding Bitcoin SV (BSV) from the Bitcoin list after a conflict between the BSV creator Craig Wright and Binance director Changpeng Zhao. The announcement entered into force on April 22 all Bitcoin SV trading pairs were excluded from the bitcoin list on Binance platform. As the official Binance statement says, the company will continue to support Bitcoin SV withdrawal until July 22.

Notable that other crypto exchanges, including San-Francisco based exchange Kraken and ShapeShift, took Binance’s side.  

ShapeShift CEO and crypto entrepreneur Eric Voorhees announced that his crypto exchange would delist the BSV bitcoins due to the same reasons.

Kraken in its turn organized an online survey among Twitter users, to find out whether they should exclude BSV from their platform as Binance did.

Bitcoin Satoshi Vision price outlook

An interesting upward move by BSV coin in the last 24 hours has been seen in the charts due to rumors spread on the internet. At press time, the coin is been trading at $225 with a market cap of $3.96 Billion.

In the last 1 Day, the price of BSV/USD has moved by $ 93.48 (73.46%) with a total volume of over $ 90.02 Million. The coin reached a new 52-week high at $ 253.81 on 30 May 2019 at 10:30 GMT. Due to the strong uptrend, it may remain highly overbought as indicators suggest. Also, according to ATR(14) indicator in the weekly timeframe, valued at 29.07, which signals that Bitcoin Satoshi Vision gets highly volatile to trade for now.

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.