Bitcoin Coinbase Premium Soars to Three-Month High as U.S. Sentiment Strengthens

IconCryptoNewsTerminal Staff16 Jul, 2024

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Bitcoin Coinbase Premium Soars to Three-Month High as U.S. Sentiment Strengthens

Bitcoin's Coinbase premium has surged to a three-month high, signaling a resurgence of positive sentiment in the U.S. market. CryptoQuant CEO Ki-Young Ju remarked, "The Bitcoin Coinbase Premium, which represents the price difference from Binance, has hit a three-month high." This surge suggests that investors in the U.S. are becoming more optimistic about the cryptocurrency's prospects. The Coinbase premium is an indicator of the demand for Bitcoin on the Coinbase exchange compared to other platforms. A higher premium indicates that traders are willing to pay more for Bitcoin on Coinbase, suggesting increased buying pressure from U.S.-based investors. The recent rise in the Coinbase premium could be attributed to several factors, including the Federal Reserve's interest rate hike and the SEC's approval of a Bitcoin futures ETF. These developments have boosted confidence in the cryptocurrency market and may have encouraged investors to seek exposure to Bitcoin through U.S.-based exchanges like Coinbase.

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