Bitcoin has reclaimed its price level from prior to the SEC’s enforcement action against Kraken.
Bitcoin soared back above $23,500 on Wednesday, less than one week after losing the support line in response to the regulatory crackdown against an industry giant last week.
The event has triggered $120 million in liquidations within the past 24 hours.
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 $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 the largest single liquidation occurring on Bybit BTC/USD trade for $2.54 million
Ether also soared on the day, rising from $1,550 at midnight to $1,633 at writing time.
Bitcoin hovered close to $23,000 for weeks before temporarily plunging on Thursday after the Securities and Exchange Commission levied a $30 million fine against Kraken for not registering its staking service.
The event spurred widespread fear about a post-FTX regulatory clampdown against the crypto industry – especially rival staking products like that offered by Coinbase.
Bitcoin dropped even further on Tuesday in response to January’s 6.4% U.S. inflation figure, which was higher than expected.
Andrew is content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
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