• Bitcoin breaks $31k as it continues to shake off recent slumps
• Supreme court rules in favor of Coinbase, issues order to move user lawsuit into arbitration
• Binance’s legal woes intensify as Brazil lawmaker seeks to question general manager
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. According to Coinglass data the 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.
Supreme Court Rules In Favor Of Coinbase
The Supreme court ruled in favor of Coinbase, issuing an order for user lawsuits against the company to move into arbitration. This decision comes after a prolonged period of stagnant trading with Bitcoin wavering between $25,000 and $30,000 since March 16. The total 4-hour liquidation amount was comprised of 13.01 million long positions and 59.18 million short positions.
FTX Files Complaint To Retrieve Money
FTX filed a complaint seeking to retrieve 700 million from a „super-networker“ Bankman-Fried courted for connections. Stably paused withdrawals and minting after Prime Trust halted deposits due to legal issues intensifying with Binance’s general manager being sought out by a Brazilian lawmaker for questioning.
Institutional Interest Boosts BTC Price
The surge in BTC price can be attributed to its exemption from recent enforcement actions as well as increased institutional interest . Major companies such as Tesla have shown their support for cryptocurrency through investments which has helped boost confidence among investors that cryptocurrencies are here to stay despite regulatory pressure from governments around the world .
Conclusion
Overall it appears that despite regulatory challenges , Bitcoin is showing impressive resilience breaking the 31K barrier today marking its highest close of the year . With more institutional investment expected , it will be interesting see how this affects crypto prices going forward .