• Bitcoin reaches a year-to-date high of $31,000.
• Institutional interest and exemption from recent enforcement actions are pushing Bitcoin up.
• 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).
Bitcoin Reaches A Year-To-Date 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. As ongoing regulatory pressures ramp up towards several cryptocurrencies, Bitcoin (BTC) has shown impressive resilience, breaking the $31,000 barrier today and marking its highest close of the year. BTCUSD (Source: TradingView)
Waiver From Recent Enforcement Actions
This jump comes after a prolonged period of stagnant trading, with Bitcoin wavering between $25,000 and $30,000 since March 16. 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), according to Coinglass data. These values contribute to the total 4-hour liquidation amount of $72.20 million, comprised of $13.01 million of long positions and $59.18 million of short positions.
Institutional Interests Drive Up Prices
Bitcoin was trading at $31,234 as of press time due to institutional interests that are driving up prices despite ongoing regulatory pressures on cryptocurrencies like Ethereum and BCH . This rise shows remarkable resilience for bitcoin compared to other digital assets as investors continue to trust it while shying away from altcoins which can be more volatile due to their smaller market capitalization or lack of liquidity options like futures markets or options pricing available on certain exchanges .
Liquidity Options Available On Certain Exchanges
The availability of liquidity options like futures markets or options pricing on certain exchanges helps increase confidence among investors who may be hesitant about investing in digital assets because they can hedge their exposure without incurring large losses if prices move against them quickly . For instance , some brokers now offer derivatives products that allow traders to take positions on whether they believe an asset will go up or down within a specific time frame without having own any coins themselves – this means they can still benefit from price movements even if they don’t own any tokens .
Overall , the surge in institutional demand for bitcoin is likely what is pushing prices higher despite recent enforcement actions against other digital assets . With increased confidence in bitcoin’s future prospects due to its relative stability compared with other virtual currencies , it appears that investors are willing to take risks on this asset class even though there is still risk involved when investing any type asset .