Bitcoin Breaks $31K: Institutional Interest Shakes Off Slumps

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.

Overview

Amidst increasing regulatory pressure against cryptocurrencies, Bitcoin (BTC) has managed to stay strong and break the $31,000 barrier today, marking its highest close of the year. This surge comes after a period of stagnant trading between $25k and 30k since March 16th. According to Coinglass data, liquidation volumes for each cryptocurrency over the past 4 hours were: $30.01 million in Bitcoin; $17.27 million in Ethereum; and 3.15 million in Bitcoin Cash – totaling to a 4 hour liquidation amount of 72.20 million comprising 13.01 million long positions and 59.18 short positions respectively.

Institutional Interest

The recent wave of institutional interest has been fundamental in boosting BTC prices up as well as providing it with exemption from recent enforcement actions targeting other cryptocurrencies such as Dogecoin (DOGE). The influx of financial institutions into the crypto space is helping legitimize digital assets and increase demand for them both on an institutional level as well as retail investors wanting to benefit from this new asset class’s potential returns due to its volatility when compared with traditional markets such as stocks or commodities trading.

Regulatory Pressure

Despite the growing popularity cryptocurrencies have seen lately, regulatory pressure remains high especially towards altcoins which are deemed more prone to manipulation or fraud than others such as BTC due to their lesser liquidity or smaller market capitalizations that make them more susceptible to pump-and-dump schemes or other forms of malicious behavior that can artificially inflate prices unnaturally causing investors losses when they eventually collapse back down once these schemes are revealed or stopped by exchanges where they take place most oftenly .

Bottom Line

Overall , despite ongoing regulatory pressures , BTC continues its impressive performance withstanding any negative effects caused by it while also benefiting from increased demand thanks to an influx of institutional interest . Currently , BTC is trading at over 31 000 USD representing an increase compared to its last months range between 25k – 30k USD .