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As Bitcoin Hits New ATH, Coinbase Premium Turns Negative

Bitcoin moved another 4% today to break a new all-time high a little above $49,000. Post Tesla’s $1.5 billion in BTC acquisition, Bitcoin has moved nearly 25% this week.

At 12:37 GMT, the coin traded at $49,260, gaining 5.05% in the last 24 hours. Bitcoin dominance remained at 59.6% over altcoins. While the crypto market cap was at $1.51 trillion.

Despite this positive momentum, it appears that a boost above $50,000 may not be sustainable as data by CryptoQuant, a data analytics firm, show that Coinbase Premium is now at -$45. Compared to other exchanges like Binance, Huobi, OKEx, it appears that there is a net spot selling pressure on Coinbase.

Fresh entries won’t be advised. It’s suspected that Bitcoin may see a downward momentum going forward.

Ki Young Ju, CEO of CryptoQuant, tweeted earlier today:

Breaking 50k looks pretty tough as Coinbase premium becomes -$45. Current buying power doesn’t come from Coinbase. No more Coinbase premium compared to Binance/Huobi/OKEx. Be careful.

Coinbase Premium is important in understanding the direction of the market. Most institutional investors buy on Coinbase Premium via OTC deals. Grayscale Bitcoin Trust BTC purchases occur on the Coinbase platform. Since 2021 began, GBTC has accumulated about 50,000 Bitcoins, out-sizing asset management giants like ARK investments.

It is also clear that positive sentiment for BTC has remained. Data provided by Santiment states that crypto Twitter has turned out more positive than ever before.

santiment twitter positive sentiment

It appears that this positive sentiment is infiltrating America’s big corporations. With Mastercard about to allow merchants receive crypto payment later in the year, to Twitter hinting that it may put Bitcoin on its balance sheets, investing in crypto is becoming industry norm.

Bloomberg report has shown that Morgan Stanley’s own Counterpoint Global is seeking exposure into Bitcoin.

Politicians and lawmakers are not left out. Earlier this week, New York City Mayor aspirant, Andrew Yang, promised to make New York a cryptocurrency hub if he becomes mayor. Miami’s mayor has been seeking legislation to invest part of the city’s treasury in Bitcoin as well as pay salaries in BTC. In Kenya, the Central Bank is planning to put a part of its reserve in Bitcoin.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© IbrahimAnifowoshe for Commodity Blog, 2021. | Permalink | No comment |
Published under: Technical Analysis

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