Coinbase Premium Turns Negative As Bitcoin (BTC) Shoots To New ATH Above $49,200

bitcoin

In a swift move, Bitcoin (BTC) skyrocketed another 4% today with its price touching a new all-time high of $49,200. With this, the Bitcoin (BTC) price has surged 25% just in a week’s time as the major rally comes post Tesla’s $1.5 Bitcoin (BTC) purchase.

However, at this stage breaking $50,000 levels doesn’t seem easy as data from CryptoQuant suggests that the Coinbase Premium has turned negative to -$45. It means that there’s a net spot selling pressure on Coinbase in comparison to other exchanges like Binance/Huobi/OKEx.

Thus, making any fresh entries won’t be suggested at this stage and the BTC price is most likely to to see a downward momentum going ahead.

The Coinbase Premium is an important metric as most of the institutional buying happens on Coinbase via OTC deals. Even the word’s biggest Bitcoin fund – Grayscale Bitcoin Trust (GBTC) – make purchases on Coinbase. GBTC has accumulated ~50,000 Bitcoins (BTC) so far in 2021 out sizing asset management giants like ARK investments.

With the recent price rally, on-chain data provider Santiment states that crypto Twitter has turned out more positive than ever before on Bitcoin (BTC). However, it’s still not reached the euphoric stage.

 

Massive Bitcoin (BTC) Interest From American Corporates

As things turn out to be, the Bitcoin journey has been nothing less than phenomenal this year. The BTC price is up 66% year-to-date in just the first 45 days of 2021.

Post Tesla’s entry, there have been a slew of announcements coming from big corporate players like Twitter, Uber, and other warming up to it. Interestingly, traditional financial institutions BNY Mellow, JPMorgan, and many other have also warmed up to Bitcoin.

In the latest development, a $150 billion investment arm of Morgan Stanley is seeking exposure to Bitcoin (BTC). Morgan Stanley’s own Counterpoint Global is seeking exposure into Bitcoin, as per the Bloomberg report.

On the other hand, lawmakers from some big cities are also warming up to Bitcoin (BTC). Miami’s mayor has been seeking legislation to invest part of the city’s treasury in Bitcoin as well as pay salaries in BTC. Interestingly, the Central Bank of Kenya is also planning to use Bitcoin as a reserve currency.

The post Coinbase Premium Turns Negative As Bitcoin (BTC) Shoots To New ATH Above $49,200 appeared first on Coingape.

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