Crypto fake news coming from China boosted the price for Bitcoin SV (BSV) today after they stated that the altcoin was re-listed on Binance. In the latest cryptocurrency news today, we see the price analysis for the cryptocurrency.
The investors in China were shocked after they received a WeChat message that was circling around the crypto fake news in the country. They spotted the news that the Bitcoin SV coin was getting re-listed on Binance but according to VC and analyst Dovey Wan, he noticed the fake post and offered a translation of the content.
The faked WeChat screenshot shows that the entire drama around Bitcoin SV and Satoshi Nakamoto was sorted out between the Binance CEO and Craig Wright so the translated texts read:
“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.”
Wan revealed that the FOMO tendency among Chinese retail investors displays a hard mentality and continued to explain:
“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.”
Changpeng Zhao confirmed that the news was fake and tweeted:
“Careful, it’s caused by fake new circulation in China. I got pinged 20 times today, clarifying it is fake.”
Just slightly over a week ago, the price of the altcoin increased by more than 125 percent just in time with Craig Wright’s registration of the Bitcoin trademark. Wan claimed as reported in the altcoin news that fake news is a standard operating procedure for fraudsters and scammers in China who use to take advantage of the bad media practices. Wan continued:
“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.”
BSV soared over the past few hours and reached a price of $192.33.
Bitcoin SV Adds 19% In One Day, Going From $256 To $305
“Early signs of a bullish reversal on Bitcoin Dominance. Altcoins will be destroyed if this gets back up to 68 – 70% again,” said market analyst Elixium.https://twitter.com/VentureCoinist/status/1229086503827116033 All of these comments from analysts come as Bitcoin SV adds new percentage points to its price. Technicals aside, other catalysts also played a major role in driving the BSV prices down. There were reports about unconfirmed transactions on the Bitcoin SV blockchain which spiked dramatically, leading to its network's mempool rising by 400 times. https://twitter.com/verretor/status/1226084073036275712 The low trading volumes, thin order books and other factors made BSV prone to crashing further. Still, the cryptocurrency is in a good position now and that is worth mentioning.
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