CandleFocus Bitcoin Falls to $60.5K as Coinbase Premium Gap Points to Sell Pressure
2024-10-10
Author: Content Editor
Bitcoin experienced a turbulent day on Wednesday, starting above $62,000 but dropping to a daily low of $60,541. This led to over $40 million worth of bitcoin long positions being liquidated, along with $169.45 million in liquidations for both long and short positions in the broader crypto market. The overall cryptocurrency market saw a 1% drop to $2.13 trillion, with Bitcoin sliding almost 2% and Ethereum dipping about 1%. Market analyst Maartunn noted that the Coinbase Premium Gap, which tracks the price difference of bitcoin between Coinbase Pro and Binance, had fallen to -$48.4, indicating strong selling pressure from U.S. institutions. These shifting premiums and market trends highlight the delicate balance between institutional investors and the broader digital asset environment, with global sentiment and ongoing uncertainty continuing to shape the crypto market.
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