Bitcoin Breaks $31K! Shaking off Slumps & Legal Woes

• Bitcoin breaks $31k as it continues to shake off recent slumps
• Supreme court rules in favor of Coinbase, issues order to move user lawsuit into arbitration
• VeChain pumps 11% on being added to Coinbase’s listing roadmap

Bitcoin Breaks $31k

Bitcoin has broken the key psychological level of $31k, continuing its recovery from recent price swings. The surge in price is attributed to the Supreme Court ruling in favor of Coinbase and issuing an order to move a user lawsuit into arbitration. Additionally, crypto exchange FTX has filed a complaint to retrieve $700M from “super-networker” Bankman-Fried and Stably has paused withdrawals and minting after Prime Trust halts deposits.

Supreme Court Ruling

The Supreme Court recently ruled in favor of Coinbase, issuing an order for a user lawsuit against the platform be moved into arbitration. This ruling helps protect Coinbase from costly legal proceedings as well as provides some degree of assurance for its users that their money is safe on the platform.

FTX Files Complaint

Crypto exchange FTX has filed a complaint against „super-networker“ Bankman-Fried alleging that he was courted for connections that enabled him to gain access to over $700M worth of crypto assets. The complaint seeks restitution for these losses which could potentially prove beneficial for both FTX customers as well as other exchanges with similar cases outstanding against Bankman-Fried.

Stably Halts Deposits

Stably has paused withdrawals and minting after Prime Trust halted deposits due to insufficient funds available within their system. This will likely have ramifications on many traders who rely on Stably’s services however it remains unclear how long this situation will last or what repercussions may arise out of the decision by Prime Trust.

VeChain Pumps 11%

VeChain recorded a 16 day high when it was added to Coinbases new asset listing roadmap, pumping 11%. While details are yet unknown about when Vechain will be available for trading, this news nonetheless provided investors with some optimism which could lead further increases in price should more positive news arise out of the listing process.