Huobi Global, one of the planet’s largest cryptocurrency exchanges by trading volume, has just added a new Bitcoin SV trading pair. The announcement coincides with a poll posted by the company, which seems to suggest that large numbers of its Twitter followers believe Bitcoin SV to be the real version of Bitcoin.
From this morning, the Singapore-based cryptocurrency trading venue began allowing users to trade Bitcoin SV against its own One of the perceived drawbacks of cryptocurrency is the price volatility, value wildly spikes and falls, discouraging many people from... More, HUSD. The exchange first debuted the stablecoin in 2018 and relaunched it as an ERC-20 token earlier this year.
Like other stablecoin projects, HUSD is pegged to the US dollar. The dollars backing the currency are reportedly held by the New York State Department of Financial Services-regulated custodian Paxos.
Trading of the HUSD against Bitcoin SV (BSV) went live at 08:00 GMT this morning.
— HuobiGlobal 🌏 (@HuobiGlobal) November 14, 2019
As well as announcing the new pair, Huobi also posted a poll for its followers. It asked if they believed BSV to be the “real Bitcoin”. Of the 2,583 people responding to the Twitter poll, a surprising 33 percent voted in favor of BSV.
According to SimilarWeb, more than half of the exchange’s traffic global traffic comes from China. However, given that Twitter is banned in China, clearly, the poll’s results are not a reflection of the platform’s user base. Neither are they a reflection of the wider market. Bitcoin (BTC) currently boasts a market capitalization of $157 billion, whereas Bitcoin SV’s is just $2.283 billion.
It seems likely that the poll’s results are in fact skewed by the wording of the question itself. Rather than ask the question which version of Bitcoin respondents thought was the “real version,” instead it asked:
“Is $BSV the real #Bitcoin?”
Given that BTC information is far more prolific on Twitter than the Craig Wright owned cryptocurrency, the poll is much more likely to have come up in pro-BSV search queries than pro-BTC ones. This could result in a strong bias towards Bitcoin SV, which is not reflected elsewhere. Similarly, the fact that the announcement was also made by Huobi today, greater numbers of Twitter search queries than usual would be similar to “BSV Huobi.” Clearly, a disproportionately large number of those searching for similar terms would be Bitcoin SV proponents thanks to the new trading pair news.
Images are courtesy of Twitter, Shutterstock.
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