Bitcoin has begun to drop lower once again despite the flush on Monday to $30,000. The leading cryptocurrency currently trades for $32,500, below the $36,000 highs the cryptocurrency saw during a bounce earlier today.
Bitcoin’s drop comes in spite of the fact that the funding rates on leading crypto-asset futures platforms have reset. The funding rate is the reoccurring fee that long positions pay short positions to maintain the price of the future to the spot price. High funding rates, such as those seen on Saturday, are what signaled a correction to many on the weekend.
The cryptocurrency could see further losses, some analysts say.
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Not all analysts are convinced that the Bitcoin shakeout is done despite the cryptocurrency losing nearly 30% in the span of 48 hours.
Commenting on the recent price action and what is likely to come next, one