• Bitcoin breaks $31k, reaching its highest close of the year
• 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. 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. This jump comes after a prolonged period of stagnant trading, with Bitcoin wavering between $25,000 and $30,000 since March 16.
Supreme Court Rules in Favor of Coinbase
The Supreme Court ruled in favor of Coinbase and issued an order to move a user lawsuit into arbitration. 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. Bitcoin was trading at $31,234 as of press time.
FTX Files Complaint
FTX filed a complaint to retrieve approximately$700M from “super-networker” Bankman-Fried courted for connections while Stably paused withdrawals and minting after Prime Trust halted deposits .
Binance’s Legal Woes Intensify
Binance’s legal woes intensified as a Brazil lawmaker sought to question their general manager regarding their operations in the country without authorization from relevant authorities or registration with CVM (Brazilian Securities Exchange Commission).
Despite recent slumps due to external forces such as regulatory pressures on cryptoassets , it is clear that Bitcoin continues to be resilient despite any headwinds it may face – reaching its highest close since 2021 thus far at around 31k USD per coin