Bitcoin Price Rises Thanks to Coinbase Users – Cryptonium News

Bitcoin Price Rises Thanks to Coinbase Users

Bitcoin (BTC), the leading cryptocurrency, rose nearly 28% between January 1 and 17, 2023, reaching its highest level since early November of last year, and the ExitPumpBTC Twitter feed assured Coinbase (COIN) investors were responsible for the surge. Coindesk emphasized that public trading platforms listed on Nasdaq were not the only source of upward pressure.

Binance’s Coinbase Premium Index, which determines the spread between the Coinbase BTC/USD and BTC/USDT pairs, turned positive last week and rose to a sentiment of 0.039 over the weekend. According to analyst firm CryptoQuant, this is the highest grade past three months. The index showed that investor buying pressure on Coinbase was greater than on other trading floors.

The price premium between bitcoins traded on Coinbase compared to BTC on Binance was positive throughout the week, indicating increased buying power for institutional and retail investors,” said Andre Dragos, head of Deutsche Digital Assets. ” stated Coinalyse.

According to Coinalyse. Just now, the initial surge in bitcoin from $17, 000 was triggered by heavy trading on the Binance exchange of the BTC/BUSD pair. At the same time, customers on other platforms, including Coinbase, later intervened.

Clara Medari, head of crypto research at Caicor, ensured that the average transaction volume on Bitstamp, Kraken, Bitfinex, and LMAX Digital increased significantly; there were also slight increases on most other exchanges, including Binance. It was previously reported that the average transaction size on the largest trading floors increased from $700 to $1100 during the period January 8-15, 2023.

Cryptonium Editors