What happened: In a series of tweets admonishing the gullibility of Chinese retail investors, co-founder of crypto investment holding firm Primitive Ventures Dovey Wan suggested that a fake news article circulating on Chinese social media could have been to blame for yesterday’s Bitcoin Satoshi Vision (SV) price jump. Wan shared a screenshot of the article in question, which said that self-proclaimed bitcoin creator Craig Wright transferred 50,000 BTC from a wallet to the Binance crypto exchange, proving that he is the real Satoshi Nakamoto, the still unknown person or persons who originally developed bitcoin.
Why it’s important: While Wan suggested that the fake news might have tricked many retail investors, another Twitter user using the handle @bharathrao offered a different, more cynical, narrative: many retail investors know news like this is fake and use it as an opportunity to capitalize on a likely price surge. Regardless of which is true, it illustrates how vulnerable some cryptocurrencies are to relatively small-scale influences. Bitcoin SV isn’t a small-time coin, either: after the jump, its market cap rose to nearly $3.3 billion.