Bitcoin's decline following a climb to nearly $20,000 was directly tied to the launch of a futures market, according to research from the San Francisco Federal Reserve published Monday.
"The rapid run-up and subsequent fall in the price after the introduction of futures does not appear to be a coincidence," four researchers wrote in the regional Fed bank's most recent Economic Letter. "It is consistent with trading behavior that typically accompanies the introduction of futures markets for an asset."
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