Bitcoin price crosses $ 30,000 amid fears of privacy coin exclusion in the US.

Bitcoin finally broke the $ 30,000 barrier early Saturday after struggling to cross key resistance for the past few days. There was a huge wall of selling at $ 30,000 on exchanges, leading many to believe that the top cryptocurrency could post a pullback from the $ 30,000 mark, however, as has been the case throughout this bull season, bitcoin managed to break through that barrier and is currently trading at $ 30,353 with over 4% gains in the last 24 hours.

Bitcoin on its way to a new all-time high of $ 30,656 surpassed the sell-off orders placed at $ 30,000, showing the huge bullish momentum behind the major cryptocurrency. The fact that it has managed to overcome resistance in a weekend only confirms the increasing influx of retail players into the market.

Bitcoin Shorts Get REKT!

Many market experts have predicted a market correction and pullback due to the massive surge in the major cryptocurrency, however, most traders who have tried to short bitcoin this bullish season have lost it to the best performing asset of 2020. This time it was no different. And as BTC ate through the walls of sell-off, nearly $ 100 million worth of shorts went bust in the last hour.

$ 100 million in shorts destroyed in the last hour.

A classic $ BTC short squeeze in a key resistance area.

– Joseph Young (@iamjosephyoung) January 2, 2021

The main cryptocurrency of this bull run has surpassed many expectations and created momentum never seen before. After breaking the key resistance at $ 20,000, many expected the main cryptocurrency to correct itself before breaking out to new highs, however, BTC It hasn’t stopped since. Momentum from the major cryptocurrency has been so strong that it has easily offset price drops from $ 2,000 to $ 3,000 within 24 hours of the price drop.

What is driving the price?

The current bitcoin rally is predominantly led by institutional investors who are currently buying more bitcoins than is being mined every day. The likes of Grayscale, PayPal, and MicroStrategy have shown the world that bitcoin would serve multiple functions, such as a hedging asset, a treasury asset, and a new store of value.

Another factor that could be driving the price of bitcoin is Bittrex’s recent exclusion from privacy coins, increasing speculation that the regulatory body could ban privacy coins next. Many exchanges from South Korea, Japan and Australia last year began to remove privacy coins due to the new AML guidelines from the FATF and it appears that the regulatory body in the US has started to pressure exchanges to do so. the same. If other crypto exchanges follow the same path, we may see the massive removal of privacy tokens on exchanges.

Many in the crypto space voiced dissatisfaction with the move and criticized the government for cracking down on something that falls under their fundamental rights, namely privacy.

Privacy is illegal in the United States of America https://t.co/RXjJarXMNo

– KING CO ฿ IE 🌙 (@CryptoCobain) January 1, 2021