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Bitcoin SV Saw a 65% Rise

bitcoin sv featured

During the course of this week, Bitcoin SV experienced a price surge, reaching its highest value in the last 100 days. It’s worth noting that it managed to surpass the $40 barrier, which had been insurmountable since July.

In an unexpected turn from what had been the market’s trajectory, BSV experienced rapid growth after months of stagnation, capturing the attention of enthusiasts and piquing the interest of investors.

At this moment, Bitcoin SV is trading at $56.05, which represents a 10% increase in just the last 8 hours, a 36% rise in the last 24 hours, and a 65% gain since Monday when the ascent began.

Face-lift for Bitcoin SV

The bullish trend experienced by BSV in the last three months represents a renewed interest from both the community and investors. One possible explanation for the sustained increase in the cryptocurrency could be recent market developments.

bitcoin sv

Bitcoin SV was born in 2018 as a hard fork of Bitcoin Cash with the aim of increasing its scalability through larger blocks. After a period of ups and downs and a long stagnation following its historical low in August, it began to rebound and broke through the barrier that held it back.
Among the various reasons that can explain this phenomenon, the global interest in the possible launch of a Bitcoin spot ETF into the market is a prominent one, provided that the U.S. Securities and Exchange Commission (SEC) does not turn a deaf ear to the community’s requests.
Up to today, the SEC has received at least 8 proposals from various major financial institutions for the timely launch of a Bitcoin ETF. The widespread positive sentiment surrounding its approval is partly driven by the SEC’s decision not to appeal the legal setback it faced in court against Grayscale.
Another highly plausible explanation could be the unfounded growth in fake news that boosted the price of BTC. False articles discussing the SEC and a supposed early exit of the iShares Bitcoin Trust caused the leading cryptocurrency to surpass $30,000, although its price quickly dropped once the situation calmed.
Binance did not miss the opportunity and relaunched BSV through a perpetual contract of BSV/USD-M with a leverage of x50. According to a Coinglass report, the relaunch led to a 30% price increase and approximately $500,000 in liquidation for short positions.

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