Bitcoin Up More Than 40 Percent off Today's Low as Coinbase Whales Come to the Rescue

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By Alex Dovbnya

Wed, 19/05/2021 - 17:35

Bitcoin has recovered 43 percent, with the Coinbase Premium Index hitting a new all-time high

Bitcoin Up More Than 40 Percent off Today's Low as Coinbase Whales Come to the Rescue

Bitcoin, the largest cryptocurrency, was up a whopping 43 percent off today’s low at 4:53 p.m. UTC on the Coinbase exchange, nearing $43,000.

It took the flagship cryptocurrency less than four hours to pare almost all of its recent losses after collapsing to $30,000 at 1:10 p.m. UTC.

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The speedy recovery was accompanied by the so-called “Coinbase premium” hitting a new all-time high of 7.69 percent, according to CryptoQuant data.

The widely-watched index tracks the gap between the USD price of Bitcoin on Coinbase and Binance.

Given that Coinbase is popular with large institutional players, the growing premium can be treated as a bullish indicator.

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