Why Bitcoin’s Price May Have Hit Rock Bottom Based On This Metric

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Still licking its woods after a brutal weekend, Bitcoin has been able to maintain critical levels of support. At the time of writing, BTC’s price trades at $55.318 with side movement in the past 24-hours. In the weekly and monthly chart, BTC is down 12.6% and 3.5% respectively. BTC maintains key support levels in the 24-hour chart. Source: BTCUSD Tradingview A report by QCP Capital highlights the Coinbase Effect on the crypto market. A high number of investors took leverage position expecting a rally after Coinbase’s debut in Nasdaq. However, the exchange’s shares top and along came a deleveraging weekend selloff, as the firm stated. On Sunday, $10 billion were liquidated across the main trading platforms. This led to a “massive violent backwardation”. On Deribit, futures traded at a 25% discount and at a 40% discount on Binance. As can be seen in the image below, this exchange registered the…

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