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Bitcoin SV ‘Pump’ Attributed to Viral Chinese Social Media Post

Bitcoin SV (BSV) touched its all-time high price point in an hour on Wednesday May 29. It’s the first time the price of BSV, a fork of Bitcoin Cash which split last November, will hover over $250 as it records more than a 100% surge. Its market has since been thrown in a frenzy as some in the space seek to know what could be behind the push which has seen BSV back in the top 10 ranking of cryptocurrencies with the highest market cap.

Nothing out of the ordinary has been going for BSV of late except for a similar about a 120% uptick last week to see its price climb to $123. It was suggested that the surge could be linked to an announcement that BSV founder, Craig Wright (CSW), sought to register copyright claims to the original code of Bitcoin and its whitepaper.

However, the word out this time is that a fake post that went viral especially in the Chinese social media circle triggered the spike that resulted in a 24-hour trading volume of approximately $2.9 mln.

Rather than a news link, the unsubstantiated snapshot spreading around centres on Wright (CSW). It claims CSW transferred 50,000 Bitcoin from a top wallet to Binance to confirm his identity as the unknown founder of Bitcoin, Satoshi Nakamoto. It also adds that Binance CEO, Changpeng Zhao (CZ), plans to re-list BSV and apologize for delisting it in the first place, a claim CZ has denied.

That the BSV coin’s value is tied to whether CSW is Satoshi may reflect poorly on its price if there’s a reason to prove otherwise in the future. Meanwhile, as this view continues to gain ground since it has not been officially denied, the co-founder of a crypto data aggregator, CoinGecko, Bobby Ong, has added a new dimension to the rationale that could have been behind the spike.

Bitcoin SV price has roughly doubled in the last 24 hours. Most people are attributing it to the fake news in China claiming that Craig Wright has spent funds from Satoshi’s wallets,” Ong says. But I believe the bigger reason that’s not spoken about is Coingeek’s conference currently happening in Toronto on 30 May. This is Bitcoin SV’s most prominent conference and all the BSV leaders are gathered there now.

Though not clear on what could be special about the conference to merit such a price action, Ong maintains that there may be “people involved in BSV and attending the conference who are buying up BSV to move the price up to create an exciting atmosphere during the conference. He adds that “there is no solid proof (to his view) and it’s just a hypothesis” but cites that something similar happened during Consensus NYC with Bitcoin price earlier this month.

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