In a significant development on Friday, Binance, one of the world’s largest cryptocurrency exchanges, reinitiated support for Bitcoin SV (BSV) via a USDⓈ-M BSV Perpetual Contract featuring 50x leverage. This move resulted in a remarkable 30% surge in the price of BSV and the liquidation of short positions amounting to over $500,000, as reported by Coinglass data.
This resurgence of BSV comes after a prolonged period of turbulence, dating back to April 15, 2019, when Binance initially delisted BSV. The decision to delist was taken amidst a heated dispute between Binance CEO Changpeng Zhao and BSV creator Craig Wright. The crux of the disagreement centered on Wright’s claim to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, which, in turn, led to allegations of attacks on Twitter users who questioned Wright’s identity.
However, it’s essential to note that despite the reintegration of BSV on the Binance platform, Binance has not reinstated the BSV spot trading pairs. The price of BSV managed to soar past the $54 mark following the announcement, marking a significant revival in its value.
This move by Binance comes at a time when the broader cryptocurrency market is displaying mixed signals, following a week of relatively subdued price movements. These price dynamics were briefly interrupted by spikes attributed to false reports surrounding Bitcoin ETF approvals.
