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

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Wed, 05/19/2021 - 17:35
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Alex Dovbnya
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
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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.       

Coinbase
Image by tradingview.com

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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.

CryptoQuant
Image by @cryptoquant_com

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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.