Bitcoin Breaks $31K
• 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.
Strong Institutional Interest
Bitcoin broke the $31,000 barrier today after a prolonged period of stagnant trading between the range of $25,000 to $30,000 since March 16. This jump comes as a result of strong institutional interest in cryptocurrencies as well as exemption from recent regulatory enforcement actions.
The liquidation volumes for each cryptocurrency over the past four hours were estimated to be around: $30.01 million for Bitcoin; $17.27 million for Ethereum (ETH); and $3.15 million for Bitcoin Cash (BCH). The total 4-hour liquidation amount compiled was approximately $72.20 million which comprised of both long positions ($13.01 million) and short positions ($59.18 million).
Coinbase User Lawsuit
The Supreme Court recently ruled in favor of Coinbase issuing an order to move user lawsuit into arbitration instead of seeking out other legal proceedings against them.. This is yet another sign that cryptocurrencies are becoming more accepted in mainstream society due to their increased regulation and compliance with federal laws/regulations associated with digital asset management companies such as Coinbase.
Binance Legal Woes
Binance has also recently come under scrutiny due to their legal woes intensifying after a Brazilian lawmaker attempted to question their general manager about their activities within Brazil’s borders; this is just one example where governments have taken action against major cryptocurrency exchanges due to potentially shady activities going on behind closed doors within these platforms’ operations/business models/practices etc..