- Bitcoin has reclaimed its price level of over $23,500 after plunging in response to the SEC’s enforcement action against Kraken.
- The event has triggered $120 million in liquidations within the past 24 hours.
- Ether also soared on the day, rising from $1,550 at midnight to $1,633 at writing time.
Overview
This article discusses how Bitcoin reclaimed its price level of over $23,500 after plunging in response to the Securities and Exchange Commission (SEC)’s enforcement action against Kraken. The event has triggered $120 million in liquidations within the past 24 hours and Ether also soared on the day, rising from $1,550 at midnight to $1,633 at writing time.
Price Reclaim
Bitcoin began the day trading for roughly $22,000 but began to climb at 11:38 US and eventually reaching a high of $23,348 by 19:30. It trades for $23,809 at writing time. The cryptocurrency had lost support due to regulatory crackdown against an industry giant last week.
Liquidations
Coinglass shows that approximately $68 million in liquidations have occurred in the past 4 hours after the pump – most of which occurred on Bitcoin and Ether trades. Over 28,000 traders were recorded getting liquidated within the past 24 hours with a single trade for BTC/USD on Bybit accounting for a liquidation worth 2.54 million dollars.
SEC Action
The SEC levied a fine of 30 million dollars against Kraken for not registering its staking service which sparked fear about a post-FTX regulatory clampdown against other staking products like that offered by Coinbase. This caused Bitcoin prices to drop further on Tuesday before regaining strength today.Market Performance
The market performance indicates that Bitcoin was able to reclaim its previous highs as well as Ether performing strongly with it rising from 1,550 dollars at midnight to 1,633 dollars currently. This is an indication that despite adverse market conditions crypto assets are still able to perform strongly when given favorable conditions again.
