Here’s How the Archegos Debacle May Have Spilled Over to Bitcoin
The difference between bitcoin futures premium on CME and other crypto exchanges has widened since the end of March, when Bill Hwang’s troubles surfaced.
"It's time, we think, to move on from it," CEO Sam Bankman-Fried said in a tweet.
Some analysts expect limited upside in bitcoin despite the possibility of a brief bounce.
"We didn't want to make this a thingy," Binance CEO Changpeng Zhao posted Monday on Twitter, a week after making the change.
BTC had climbed from $35,709 to as high as $42,441. Then the slide started.
Bitcoin's funding rate turned negative over the weekend, which typically precedes price recoveries.