After being shown the door by the world’s largest cryptocurrency exchange, Binance, with Shapeshift and quite possibly Kraken following suit, Bitcoin SV [BSV] proponents are looking for an alternative. Many more exchanges are inclined towards offloading BSV, hence Calvin Ayre has looked to a “native exchange” for respite.
FloatSV, an OKEx partnered “Bitcoin SV based exchange” is the touted solution to the delisting dilemma. Launched on April 12, just a day after Changpeng Zhao, the Binance CEO threatened to delist the coin following Craig S Wright’s “Satoshi” claims and legal charge, Jack C. Liu, the founder of RelayX, and advisor to the OK Group, fronted the “BSV based exchange”.
While the collective community was engaged in Ayre and Wright dishing out legal notices to the likes of Holdanaut and Peter McCormack, Float SV established a Twitter presence, stating that they would be launching on April 19. However, their April 12 Medium blog post explicitly pointed the reason for their establishment:
“Float SV will launch in April, although the exact timing will be adjusted forward if any major exchange delists Bitcoin (SV).”
The newly-established exchange, created as a precautionary measure, claims to “deliver a real asset exchange experience” listing blockchains running PoW SHA256 as well as “real assets” such as commodities and currencies. The “Bitcoin SV based exchange” has also stated that it will not list “native tokens of other blockchains nor securities or STOs”.
Interestingly, the partnership aligns with the current Bitcoin SV trading volume. At press time, the highest share in terms of BSV volume was held by OKEx, accounting for 8.89 percent of the total via the trading pair BSV/USDT. Binance also dominated the list, taking the second and fourth spots, however, the largest exchange in the world would cease trading BSV on April 22.
As per data from CoinMarketCap, Binance comes in second to OKEx in terms of Adjusted Trade Volume, in the past 24 hours. OKEx accounts for $1.36 billion, while Binance holds $1.07 billion. However, data from CoinMarketCap has been disputed in the past, following the release of a Bitwise report highlighting fake volumes reported by exchanges.
Calvin Ayre is certainly buoyant about the prospects of FloatSV, stating that given the current circumstances, it is “a good time to open a Bitcoin SV exchange”. His tweet, in full, stated:
“yup….this is a good time to open a Bitcoin SV exchange…just when one of the largest in Asia has kicked all the BSV customers to the curb over petulance. Business in a box :-)”
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Bitcoin SV surges by 6.84% in an hour; community speculates massive behind-the-scenes pump
The cryptocurrency market has witnessed major price hikes over the past few weeks, with Craig Wright’s Bitcoin SV emerging as the market’s unlikely performer. The Craig Wright-backed virtual asset, which is supposed to follow Satoshi Nakamoto’s original idea, outperformed every top 10 cryptocurrency over the past week, recording a growth rate of 22.86%.
At press time, the coin had recorded a price hike of 6.84% over the hour, with the coin valued at $228. The coin was traded the highest on CoinBene exchange, where the trading pair of BCHSV/USDT gathered a volume of $96 million. The exchange was closely followed by ZBG exchange, where the trade accounted for 13.62% of the entire trading volume.
According to the chart released by Trading View, a massive green candlestick can be observed. The chart also indicated that at press time, the candles were charting over the Moving Average [MA]. This suggested that extremely high trading volumes were pegged with Bitcoin SV.
Many in the community have speculated that the surge might be due to a massive dump of the coin in the market, after the token hit stagnation since pumping by more than 247 percent recently. The aforementioned price pump pushed the price of the coin from $53.22 to $250.
Previously, it has been suggested that the major pump witnessed within the Bitcoin SV ecosystem might be laden with market manipulation, implying the participation of illicit entities in the conduct of a “pseudo-pump” of BSV’s market. Further, the de-listing of BSV by major exchanges such as Binance may have made it more susceptible to sudden price movements, according to some.
At press time, Bitcoin SV was positioned 8th on the cryptocurrency charts. Despite the pump however, historical trends suggest a major price correction may be in the offing too.
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