Bitcoin Rally Driven By Coinbase Users? Premium Would Say So


19 Sep 2023 3:00 PM

The Bitcoin Coinbase Premium Gap has been positive recently, implying the surge above $27,000 may be driven by the platform's users....

  • The Bitcoin Coinbase Premium Gap has been positive in recent days, indicating that Coinbase users have been buying aggressively.
  • The Premium Gap measures the difference between Bitcoin prices on Coinbase and Binance, with Coinbase being more popular among US-based investors.
  • When the Premium Gap is positive, it suggests that American investors have been applying higher buying pressure or lower selling pressure compared to global users.
  • The Premium Gap had been negative earlier in the month, indicating that Coinbase users were selling more than Binance users.
  • However, during the recovery, the Premium Gap turned positive, suggesting that US-based investors contributed to the surge in Bitcoin price.
  • The recent spike in the Premium Gap indicates that US-based investors may be driving the growth of Bitcoin beyond $27,000.
  • It remains to be seen if the Premium Gap will continue to remain positive or if buying will cool down on the Coinbase platform.

The sentiment of the article is generally positive, highlighting the positive trend in the Bitcoin Coinbase Premium Gap and the potential impact of US-based investors on the cryptocurrency's growth.

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You May Ask

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