Vision

2024

Bitcoin

Read

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Bitcoin (BTC), the largest cryptocurrency, is attempting to test the crucial level of $60,000 after its painful dropdown a couple of days ago. Largely, this upsurge should be attributed to the increased activity of U.S. investors, Coinbase Premium dynamics demonstrate.
<h2 id="bitcoin-btc-investors-in-u-s-are-buying-coinbase-premium-says">Bitcoin (BTC) investors in U.S. are buying, Coinbase Premium says</h2>
After spending two weeks in the red, Coinbase Premium, a crucial indicator of purchasing activity of U.S. Bitcoin (BTC) investors, is returning to the green zone. During the worst moments of the latest collapse, it dropped to -0.15%, as demonstrated by on-chain analyst @IT_Tech_PL from the CryptoQuant community.
<blockquote>
 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>: demand back in the US market“Coinbase Premium Index turned positive again… High premium values could indicate US investors' strong buying pressure in Coinbase.” – By <a href="https://twitter.com/IT_Tech_PL?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@IT_Tech_PL</a> Read more 👇<a href="https://t.co/Ks4YOLNVqg" rel="noopener noreferrer nofollow">https://t.co/Ks4YOLNVqg</a> <a href="https://t.co/QDLlo9y2US" rel="noopener noreferrer nofollow">pic.twitter.com/QDLlo9y2US</a>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1821481225472868747?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 8, 2024</a>
</blockquote>
Today, the indicator has already reached 0.1%. It means that the price of Bitcoin (BTC) in the USD pair on Coinbase Pro is 1% higher compared to BTC/USDT rates on major spot exchanges.
As such, the analyst highlights, this might indicate growing interest of U.S. investors in buying Bitcoin (BTC) at the current prices.
To provide context, when the Bitcoin (BTC) price hit its first local high over $70,000, Coinbase Premium jumped to 0.4%. In mid-January 2022, the indicator dropped to -0.4%, data says.
The upsurge of the Bitcoin (BTC) price resulted in $213 million in crypto liquidations; almost 50% of this sum were short positions.
For Bitcoin (BTC) itself, the market was even more merciless to bears: 61% of liquidated positions were shorts in XBT/USD pairs.
<h2 id="worst-is-in-for-btc">Worst is in for BTC?</h2>
As markets are recovering from the collapse, the optimism of traders gets stronger. As covered by U.Today previously, today, a seasoned on-chain analyst indicated 10 reasons to be bullish right now.
In particular, he mentioned the role of the BTC narrative in the U.S. presidential race, the exhaustion of the largest and most aggressive sellers and the absence of dangerous CeFi services.
The same opinion was released by Raoul Pal last weekend. The Real Vision CEO stressed that he was not selling and only treated the drop of the BTC price between $50,000 as a "shakeout."

Coinbase Premium for BTC Is Back, Data Says

Table of Contents

U_Today

Other articles published on Aug 8, 2024

Leading Analyst Discloses Top Altcoin Choices for H2 2024

Institutions Shift Focus: Ethereum ETFs See Massive Inflows Amid Bitcoin Outflows

FTX and Alameda Ordered to Pay $12.7B to Creditors

Crypto News Today: Institutional Investors Fuel Crypto Rally; Bitcoin and XRP PriceSurge

Ripple vs. U.S. SEC Lawsuit: CEO Says $125 Million Fine Is “Victory” For Company and U.S. Crypto ...

Wen Lambo? Lamborghini answers with new Animoca Web3 partnership

Join our free newsletter for daily crypto updates!