Bitcoin SV Pumps After Fake News, Bitcoin Flashes Over $9,000 And Tether Pumps Out More Tokens — The Crypto2Cash Chronicle
End off the week right by reading today’s most important crypto news.
Bitcoin SV Pumps After Fake News
Bitcoin SV, the cryptocurrency supported by Craig Wright pumped by over 100 percent on Wednesday. The pump happened in reaction to Chinese scammers spreading fake news in the name of a large newspaper and saying that Craig Wright, who self proclaims himself as Bitcoin founder Satoshi Nakamoto, sent 50,000 Bitcoin from Satoshi’s wallet to Binance. Chinese investors jumped on the fake news, causing the price of Bitcoin SV to shoot from $118 to $240 in a matter of hours. Since then, the price has been on the down again, but the coin still managed to hold a fairly high price of $187, currently down 15% on the day. This is not the first time news surrounding Bitcoin SV pumped up it’s price. Last week news broke, that Wright filed for a Copyright on the Bitcoin protocol, even though this is something everyone can do and the claim is not investigated, the SV price shot up from $62 to 135 in less than 12 hours.
Bitcoin Flashes Over $9,000
Yesterday, Bitcoin flashed over the psychologically important $9,000 mark for the second time this week. The largest cryptocurrency was temporarily trading at $9,097 on Bitstamp, but didn’t manage to hold this price level, currently down 4.50% on the day, trading at $8,329. Most top 20 currencies saw a similar price pattern to Bitcoin’s, with Ethereum and Ripple being down 9.45% and 8.64% respectively.
Tether Pumps Out More Tokens
Tether has returned to it’s usual supply of above 3 billion coins, by pumping out newly created tokens again. The total amount of all created tokens now lies at 3,320,057,493 USDT, the highest ever recorded number, with just around 174 million USDT still sitting in the treasury. In the last week alone over 100 million coins were distributed to several exchanges including Binance. Despite the increased inflows, on average, every coin still moves through the ecosystem nine times a day, showing the significance of Tether in the cryptocurrency business.
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