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Bitcoin’s strongest two-day rally in about a fortnight has yet to dispel doubts about the virtual currency’s vulnerability following May’s rout.
The cryptocurrency has jumped 9% over two days and was trading at $ 36,740 as of 7:05 am in London on Thursday. While the momentum may cheer bulls, a JPMorgan Chase & Co. team said backwardation in the futures market – where the spot price is above future prices – is a reason for caution.
“We believe that the return to backwardation in recent weeks has been …
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