Bitcoin flash crashed yesterday following reports that Coinbase is investigating an issue in which its API and website were not functioning properly. Bitcoins price fell around $1,400 within minutes before recovering back towards the $13k level. Overnight, the price action bucked the recent bull trend as crypto market participants took profit following days of gains. The move lower also comes ahead of the impending expiration of the CME June futures contract. The curve remains in contango, although the spreads have narrowed significantly.
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