Bitcoin Surges to All-Time High
• Bitcoin surged to a year-to-date high of $31,000, buoyed by a wave of institutional interest and exemption from recent enforcement actions.
• Liquidation volumes for each cryptocurrency over the past 4 hours were $30.01 million in Bitcoin, $17.27 million in Ethereum (ETH), and $3.15 million in Bitcoin Cash (BCH).
• As of press time, Bitcoin was trading at $31,234.
Recent Regulatory Pressure
In recent months, regulatory pressure has been ramping up towards several cryptocurrencies as enforcement actions have been taken against some projects. Despite this increased scrutiny, Bitcoin has shown remarkable resilience and managed to break the $31,000 barrier today – marking its highest close of the year since March 16 when it waivered between $25,000 and $30,000.
According to Coinglass data, liquidation volumes for each cryptocurrency over the past 4 hours were significant – totalling a combined amount of $72.20 million; comprised of both long positions ($13.01 million) and short positions ($59.18 million). The liquidation volume for Bitcoin was recorded at an impressive figure of $30.01 million while Ethereum came in second with liquidations totaling at 17.27 million followed by Bitcoin Cash with 3.15 million in liquidated trades respectively.
Supreme Court Ruling & Binance Legal Woes Intensify
The news follows a Supreme Court ruling that favored Coinbase and issued an order to move user lawsuit into arbitration as well as FTX filing a complaint to retrieve 700M from “super-networker” Bankman-Fried courted for connections – indicating further institutional interest within the space despite ongoing legal proceedings against Binance who are facing additional legal woes after Brazil lawmaker seeks to question their general manager .
Overall it appears that despite continued attempts by regulators to tighten control over cryptocurrencies, leading assets such as Bitcoin have proven themselves resilient through all market conditions – continuing along its bull trend with no signs of slowing down anytime soon!