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Bitcoin’s recent bounce has yet to dispel doubts about its vulnerability.
The cryptocurrency has jumped 10% over two days and was trading at $36,993 as of 9 a.m. 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 futures prices — is a reason for caution.
“We believe that the return to backwardation…
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