Bitcoin Reclaims $23,500, Notches $120 Million in Liquidations

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.