Bitcoin SV (BSV) Skyrockets by More Than 58% This Week Amid New Binance Perpetual Contract Listing
Bitcoin SV (BSV) ripped by nearly 60% this week amid a new futures listing on top global crypto exchange Binance.
The project, which forked from Bitcoin Cash (BCH) in late 2018, is trading at $54.02 at time of writing, up from $34.08 one week ago.
The 43rd-ranked crypto asset by market cap is also up more than 27% in the past 24 hours alone.
On Thursday, Binance announced it was rolling out a new “USD-M BSV Perpetual Contract.” The contract, which officially launched on Friday, offers up to 50x leverage and settles in top stablecoin Tether (USDT).
Despite its price gains this week, BSV remains nearly 89% down from its all-time high of $490, which it hit in April 2021. The asset actually hit its all-time low of $21.43 this past June.
Bitcoin SV, a peer-to-peer electronic cash system, claims to represent the true vision of Bitcoin’s (BTC) pseudonymous creator Satoshi Nakamoto.
The project was created by the controversial Australian computer scientist Craig Wright, who claims to be Nakamoto himself – a claim the majority of the crypto community rejects.
BSV’s blockchain aims to fix BTC and BCH’s efficiency problems by increasing block size significantly in order to reduce transaction fees.
Bitcoin Cash spun off from Bitcoin in August 2017.
