Data shows that Bitcoin Coinbase Premium has plunged into the red territory, which may explain why the asset’s price has crashed to under $68,000.
Bitcoin Coinbase Premium Index Has Turned Red
As explained by the on-chain analytics firm CryptoQuant in a post on X, the BTC Coinbase Premium Index dropped into negative territory just hours before BTC went through its correction.
The “Coinbase Premium Index” here refers to an indicator that tracks the percentage difference between the Bitcoin prices listed on cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).
When the value of this metric is positive, it means that the price listed on Coinbase is greater than on Binance right now. Such a trend implies that the users of the former platform are doing more buying than those of the latter.
On the other hand, negative values imply the presence of higher selling pressure on Coinbase since the price of the cryptocurrency on Binance is currently greater.
Now,
We współpracy z: https://bitcoinist.com/bitcoin-coinbase-premium-deep-red-reason-crash/
