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.
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.