Bitcoin SV (BSV) gained 67% in value in just a few hours on Wednesday, coinciding with the spread of fake news regarding its imminent re-listing on Binance.
Chinese investors may have been hit hard after a doctored WeChat screenshot was circulated around the country’s “crypto media.” That’s according to VC and analyst, Dovey Wan, who spotted the fake post and offered a translation of its doctored content.
BITCOIN SV: BACK ON BINANCE; CZ CONFIRMS CRAIG WRIGHT AS SATOSHI?
Seems someone did it purposely just around the same time BSV pumped just an hour ago.
Completely fake news but “real enough” to trick many Chinese retails pic.twitter.com/qiWtW6Z8bC
— Dovey Wan 🗝 🦖 (@DoveyWan) May 29, 2019
“CSW transferred 50k BTC from the biggest BTC wallet to Binance, which confirmed he is the real Satoshi. As such CZ will re-list BSV and make an official apology on Twitter.”
That apology, and re-listing, never came. Wan revealed a tendency for FOMO among Chinese retail investors, who she said display a herd mentality. Wan, a founding partner at Primitive Ventures, continued:
“I don’t know how much this contribute to the pump, but this fake news snapshot went viral in many Chinese retail groups around the same time and folks (thought it was real) got super excited about it. CHINESE RETAIL IS THE BEST HERD EVER.”
Binance CEO Changpeng Zhao (CZ) went through the formality of confirming the news as fake. CZ tweet
“Careful, it’s caused by fake new circulation in China. I got pinged 20 times today, clarifying it is fake.”
In light of Wan’s comments regarding investor mentality in the far east, perhaps this explains Bitcoin SV’s readiness to pump of late. Just over a week ago the BSV price spiked by over 125%, coinciding with Craig Wright’s registration of the Bitcoin trademark. Another example of badly informed Chinese investors?
RISE IN THE EAST, SET IN THE WEST
Wan claimed this is standard operating procedure for scammers in China, who take advantage of lax media practices. Wan wrote:
“The trick is easy and constantly used by many scams – all chinese crypto media circulate the breaking news via picture as above in wechat, instead of news link. So anybody can just use the same theme template and photoshop one like above.”
Craig Wright also went on about the subject of scams this week. Writing in a recent blog post, Wright continued to foretell the end of cryptocurrency as we know it. Speaking of banking scams and economic malfeasance, Wright wrote:
“The same still goes on today, and worse, it is the foundation for schemes like Tether, ICOs, and the bucket shops people call exchanges. All of them will end. Such is my vision. Such is the Satoshi Vision.”
Someone obviously had an interest in pumping Bitcoin SV’s price on Wednesday. With Craig Wright’s first public appearance (since the notorious trademark registration) at the CoinGeek Toronto conference just hours away, what better time for BSV to top the crypto charts?
BITCOIN SV PRICE (BSV/USD) TARGETS $200
From the daily low of $114.70, the value of BSV soared over the course of a few hours, peaking at $192.33 by Wednesday afternoon. That’s a 67% increase, and it immediately inserted BSV as a top-eight cryptocurrency by market cap.
After a pullback to the $180 range, BSV remains ahead of Tether (USDT), Stellar (XLM), and Cardano (ADA). CoinMarketCap reports the second highest daily volume in BSV’s history at $1.1 billion. That sum has been bettered just once – last week when Wright announced his “successful” registration of the Bitcoin trademark.
Disclaimer: This article is intended for informational purposes only and should not be taken as investment advice.