Bitcoin (BTC) has shown remarkable resilience, breaking the $31,000 barrier today and hitting the highest closing price of the year as regulatory pressure on multiple cryptocurrencies continues to mount.

The rally comes after a long period of trading stagnation since March 16, when Bitcoin oscillated between $25,000 and $30,000.

BTCUSD (Source: TradingView)
BTCUSD (Source: TradingView)

of Settlement amount According to data from Coinglass, over the past four hours, Bitcoin traded $30.01 million, Ethereum (ETH) $17.27 million, and Bitcoin Cash (BCH) $3.15 million. These values ​​contribute to a total four-hour liquidation volume of $72.2 million, consisting of $13.01 million long and $59.18 million short.

Bitcoin was trading at $31,234 at the time of writing.

BTC Soars on Institutional Interest

This surge in Bitcoin comes after a wave of institutional interest. Global investment giant BlackRock filed a Spot Bitcoin ETF application with the U.S. Securities and Exchange Commission last week. Regulators have yet to give spot Bitcoin ETF approval.

In addition to the positive sentiment towards Bitcoin, the launch of the EDX market on June 20, which coincided with Bitcoin’s rebound to the $28,000 level, was well received by the market. EDX Markets is a promising institutional cryptocurrency exchange backed by giants Fidelity, Charles Schwab and Citadel Securities.

Bitcoin’s rise is in stark contrast to other cryptocurrency markets struggling with the impact of the unprecedented SEC lawsuit against Binance and Coinbase. The SEC argued that some popular cryptocurrency tokens are unregistered securities in their view.

SEC Chairman Gary Gensler has vowed to take action against cryptocurrency companies that, in his view, operate outside US law. Gensler said all cryptocurrencies, with the sole exception of Bitcoin, qualify as securities under U.S. law. However, Gensler’s stance on Ethereum, the second-largest cryptocurrency by market capitalization, remains unclear.

The story of Bitcoin surpassing $31,000, which continues to emerge from its recent slump, first appeared on CryptoSlate.

By Jules

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