Bitcoin Reclaims Support Line
• Bitcoin reclaimed its price level from prior to the SEC’s enforcement action against Kraken, soaring back above $23,500 on Wednesday.
• The event triggered $120 million in liquidations within the past 24 hours, with Ether also rising from $1,550 at midnight to $1,633 at writing time.
• Bitcoin temporarily plunged Thursday after the SEC levied a $30 million fine against Kraken for not registering its staking service.
Bitcoin began the day trading for roughly $22,000 but began to climb at 11:38 US, reaching $22,800 within 40 minutes. The cryptocurrency soared again at about 18:24, eventually climbing to a high of $23,348 by 19:30. It trades for $23,809 at writing time. Coinglass shows that over 28 thousand traders were recorded getting liquidated within the past 24 hours and that around 68 million in liquidations have occurred in the past 4 hours after the pump – most of which occurred on Bitcoin and Ether trades.
SEC Enforcement Action
Last week’s regulatory crackdown against an industry giant had caused bitcoin to lose its support line as investors feared a post-FTX regulatory clampdown against the crypto industry – especially rival staking products like those offered by Coinbase. After this news broke out bitcoin dropped even further on Tuesday when it hit a low of 21 thousand dollars before beginning its recovery process today.
The largest single liquidation was recorded on Bybit BTC/USD trade for 2.54 million dollars while Ether also surged alongside bitcoin reaching 1 thousand 633 dollars at writing time after starting off the day with 1 thousand 550 dollars at midnight.
Overall it appears that despite some short term uncertainty due to regulatory measures taken last week bitcoin has been able to recover and has once again reached above 23 thousand five hundred dollars in value along with notable gains made by Ethereum as well