The data revealed that the Coinbase premium, a key indicator of demand for BTC from US investors, briefly spiked, with the price of BTC on Coinbase at one point exceeding the price on Binance by more than $300, suggesting that the rebound in BTC prices may have been driven by strong demand from US market participants.
The Coinbase premium measures the price differential of spot BTC on Coinbase, which is widely used by US clients and many institutional market participants, as the leading exchange by volume compared to the price of offshore Binance, which is popular with retail users. James Van Straten, senior analyst at CoinDesk, noted that history shows that BTC may require multiple attempts to break through the psychologically critical level of $100,000.
Coinbase premiums soar, U.S. market participants have strong purchasing power
2024-12-04 22:56:35
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