The native crypto of Bitcoin Satoshi’s Vision, also known as Bitcoin SV ($BSV) led the market in gains today as it jumped by more than 20% in the last 24 hours, according to CoinMarketCap.
The blockchain came into existence in 2018 after a hard fork of the original Bitcoin blockchain. Since then, it has aimed for increasing scalability through larger block sizes. Its native token has been observed gaining much traction over the past week, during which it rose by almost 60%.
Trading at $52.66 at the time of press, $BSV stood close to its yearly peak of $57. The coin had mostly been trading in between a combined range of $30 and $40 before taking the recent positive trajectory.
The token has now etched a 100-day high, suggesting renewed interest from traders and investors, possibly driven by fundamental developments or market sentiment. Various reasons could be attributed to its peak in price, as laid out below.
Binance relaunches BSV
BSV is now back on the world’s largest cryptocurrency exchange after almost four years. The exchange relaunched Bitcoin SV through a USD-M BSV Perpetual Contract with 50x leverage today.
Along with lifting the token up in price, the move also triggered over $500,000 in short position liquidations. However, despite the relaunch, Binance has not reinstated the $BSV spot trading pairs on its platform.
The delisting of the token was a result of a heated dispute between Binance CEO Changpeng Zhao and BSV creator Craig Wright in 2019. This argument revolved around Wright’s claim to be Satoshi Nakamoto, who is the pseudonymous inventor of Bitcoin.
Fake ETF approval
Recently, a misleading article falsely claimed that the US Securities and Exchange Commission (SEC) had approved the launch of BlackRock’s iShares spot Bitcoin ETF. The news was debunked when BlackRock confirmed the information to be false. The application is still under review by the regulatory authorities in the US.
Several top asset managers have filed similar applications with the SEC. However, the regulator is yet to decide on them. This briefly lifted the price of Bitcoin and its related assets before they all retraced in its rally. Some have attributed $BSV’s rise to this event too as a lot of the coins continued trading in the green despite the fall back in prices.
General bullishness in the market
The broader cryptocurrency market woke up to a 3% increase in its market capitalisation as it hit $1.16trillion today. This could potentially be triggered by Grayscale’s new spot Bitcoin ETF application, along with Morgan Stanley’s observations on the crypto winter nearing its end.
Talking about the four “seasons” of Bitcoin’s historical trading cycle, Morgan Stanley Wealth Management expressed its positive outlook of the market. According to its analysis, current signs indicated that “crypto winter may be in the past and that crypto spring is likely on the horizon”.
Thursday also saw Grayscale Investments filing for a new spot Bitcoin exchange-traded fund (ETF) application with the SEC. This added to the renewed interest in ETFs which followed JPMorgan analysts suggesting that the approval of such ETFs to be expected to happen “within months”.
