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Bitcoin whipsaws on CME open as Iran tensions pressure crypto markets
Key takeaways
- The price subsequently dropped to trade in a fairly narrow range just beneath $81,000.
- The move coincided with the weekly open of bitcoin futures on the CME and U.S.
- Due to the timing of the move, all crypto benchmarks are down on Monday with the broad CoinDesk 100 (CD100) leading the way at a 1.5% loss while the bitcoin-dominant CoinDesk 5 (CD5) dropping 0.6%.
The price subsequently dropped to trade in a fairly narrow range just beneath $81,000.
The move coincided with the weekly open of bitcoin futures on the CME and U.S. equity futures — a period that often sparks a frenzy of repositioning and a phenomenon called the "CME gap," which occurs when the price opens at a different point to where it closed on Friday.
Due to the timing of the move, all crypto benchmarks are down on Monday with the broad CoinDesk 100 (CD100) leading the way at a 1.5% loss while the bitcoin-dominant CoinDesk 5 (CD5) dropping 0.6%.
Article preview — originally published by CoinDesk. Full story at the source.
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