Bitcoin Hits $60.5K Amid Coinbase Premium Gap Indicating Increased Sell Pressure

Bitcoin experienced significant volatility on Wednesday, starting above $62,000 before plummeting to a low of $60,541. The market turbulence led to the liquidation of over $40 million in long positions. Contributing to a total of $169.45 million in liquidations across the crypto space within 24 hours.

By the end of the day, the overall cryptocurrency market was valued at $2.13 trillion, with Bitcoin down nearly 2% and Ethereum slipping about 1%. Market analyst Maartunn noted that the Coinbase Premium had dropped to -$48.4, indicating strong selling pressure from U.S. institutions. This premium tracks the price difference between Coinbase Pro and Binance, and its decline suggests a shift in market dynamics as institutional investors respond to ongoing uncertainty.

Clever Robot News Desk 11^th October 2024