- Binance has revived Bitcoin SV (BSV) through a new USDⓈ-M BSV Perpetual Contract, boosting BSV's price by over 30% in an hour.
- Binance's BSV launch comes after 2019 delisting of spot trading pair due to a public dispute.
- BSV's price surge has led to over $500,000 in short positions being liquidated on Friday.
Binance, the largest cryptocurrency exchange by volume, has launched USDⓈ-M BSV Perpetual Contract with up to 50x leverage, years after delisting the Bitcoin SV (BSV) spot trading pair. The move led to over a 30% surge in BSV's price within the last hour. Based on Coinglass data, the development has also caused over $500,000 short position liquidations on Friday at the time of writing.
Binance's decision to relist BSV
Binance had initially delisted the BSV spot trading pair on April 15, 2019, following a contentious period when Binance CEO Changpeng Zhao (CZ) publicly locked horns with BSV creator Craig Wright. The controversy emerged after Wright claimed to be the pseudonymous Bitcoin creator, Satoshi Nakamoto, and CZ alleged that Wright launched attacks on Twitter users questioning his identity.
Notably, Binance has not reinstated BSV spot trading pairs this time. The exchange has introduced a BSV perpetual contract, the USDⓈ-M BSV Perpetual Contract, offering up to 50x leverage. The development has boosted BSV's price by over 30% on the hourly time frame with BSV surpassing $54.
BSV/USDT 1-day trading pair
Price surge leads to liquidations
The market has responded positively to Binance's reintroduction but the sudden surge has triggered liquidations of short positions by over $500,000 on Friday, as per Coinglass data.
BSV liquidations
The broader crypto market is currently witnessing mixed signals after a week of sluggish price action that was briefly interrupted by spikes resulting from false Bitcoin ETF approval reports.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
FLOKI whales add 30 billion tokens to their holdings in May, meme coin rises 11% on the day
Floki Inu (FLOKI) has noted a spike in on-chain metrics in May. The meme coin rallied alongside large market capitalization meme tokens like Dogecoin (DOGE), Shiba Inu (SHIB), Dogwifhat (WIF) and PEPE (PEPE) this cycle.
Top 3 meme coins Dogecoin, Shiba Inu suffer price decline, Bonk price rallies
Dogecoin (DOGE) and Shiba Inu (SHIB) decline on Tuesday amidst bearish on-chain metrics, as seen on Santiment. On the other hand, Bonk (BONK) price rallies amidst bullish technical indicators on its daily chart.
XRP holders shed altcoin holdings at a loss, Ripple struggles to tackle resistance at $0.55
Ripple holders shed their XRP holdings and took $20 million in profits since May 18. XRP social dominance is nearly at the same level, at 1.46%. XRP sustained above $0.52 on Tuesday but is down 1% on the day.
Bitcoin wallet tagged as Mt.Gox transferred nearly $2.93 billion in BTC, the asset hovers at around $68,000
Bitcoin hovers around the $68,000 level on May 28, Tuesday as market participants brace for Mt.Gox transfers of BTC. The defunct crypto exchange’s wallet, tracked by on-chain intelligence trackers, have made BTC transfers to a new wallet.
Bitcoin: BTC struggles, but $80K is at striking distance Premium
Bitcoin (BTC) price is in a good position to resume the bull rally despite the recent struggle. Optimism will restart if BTC overcomes a critical hurdle and flips it into a foothold. In such a case, the pioneer crypto will be slated to push to a new all-time high (ATH).