Bitcoin SV (BSV) Surges by Over 58% with New Binance Perpetual Contract Listing
Bitcoin SV (BSV) experienced a significant surge of nearly 60% this week following the announcement of a new futures listing on Binance, one of the world’s leading crypto exchanges. The project, which originated from a fork of Bitcoin Cash (BCH) in 2018, is currently trading at $54.02, up from $34.08 just one week ago.
Binance recently unveiled a new “USD-M BSV Perpetual Contract,” which offers up to 50x leverage and settles in Tether (USDT). This contract officially launched on Friday, contributing to the rapid increase in BSV’s price.
Despite these gains, BSV is still down nearly 89% from its all-time high of $490 in April 2021. It hit its lowest point at $21.43 in June.
The Vision behind Bitcoin SV
Bitcoin SV is an electronic cash system that claims to represent the original vision of Satoshi Nakamoto, the pseudonymous creator of Bitcoin. The project was created by Craig Wright, an Australian computer scientist who controversially asserts that he is Nakamoto himself. However, this claim is widely disputed within the crypto community.
The main goal of BSV’s blockchain is to address the efficiency issues faced by Bitcoin and Bitcoin Cash by significantly increasing block size to reduce transaction fees.
Hot Take: Bitcoin SV’s Impressive Surge Amidst Binance Listing
Bitcoin SV (BSV) has made significant gains this week due to the announcement of its listing on Binance through a new perpetual contract. With an increase of over 58%, BSV has seen a substantial rise in its price. However, it is important to note that BSV is still far below its all-time high and has faced significant volatility in the past. The project aims to fulfill Satoshi Nakamoto’s original vision of Bitcoin, but its creator’s identity remains disputed. With its increased block size, BSV aims to enhance transaction efficiency compared to Bitcoin and Bitcoin Cash. It will be interesting to see how this surge impacts the future trajectory of BSV.
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