Now that the halving has occurred and fees are at a six-month low, the profitability of application-specific integrated circuit (ASIC) mining rigs has shifted significantly. It is now essential to ensure electricity is inexpensive and machines are efficient in terms of joules per terahash. The following is an examination of today’s top six ASIC miners […]
Bitcoin News
Former Bank CEO Pleads Guilty to Embezzling $47M to Buy Crypto, Leading to Bank Collapse
Former Heartland Tri-State Bank CEO Shan Hanes pleaded guilty on Thursday to embezzling .1 million for personal cryptocurrency purchases, leading to the bank’s collapse. From May to July 2023, Hanes executed at least 10 wire transfers from the Elkhart-based bank to cryptocurrency accounts. The bank’s failure resulted in a total loss of equity for investors. […]
Bitcoin News
Bitcoin Hits $67K, Leading to $45M in Short Position Liquidations
The price of bitcoin surpassed the ,000 mark on Friday, reaching a peak of ,482 per unit, the highest value since late April. This increase has resulted in the liquidation of nearly million in leveraged bitcoin short positions over the past day. 0M in Crypto Positions Liquidated as Bitcoin Climbs Above K Bitcoin short […]
Bitcoin News
Leading Trader Criticizes Worldcoin’s ‘Predatory’ Tokenomics, Labels WLD a Fake $60B AI Coin
The Worldcoin project’s predatory tokenomics will not result in the “greatest transfer of wealth” to the masses but a transfer to the “pockets of the Worldcoin team and insiders,” a top-ranked trader has asserted. The top trader also accused project promoters of using Open AI co-founder Sam Altman’s past endorsement of Worldcoin to prop up […]
Bitcoin News
Buy Or Sell Bitcoin? Quant Reveals What Leading Metric Says
A quant has explained what a potential leading Bitcoin indicator could say about what’s next for the cryptocurrency’s price.
Bitcoin Coinbase Premium May Hold The Answer To Where BTC Goes Next
In a CryptoQuant Quicktake post, an analyst has talked about the trend currently taking place in the Bitcoin Coinbase Premium. “We can use the trend of Coinbase Premium as a leading indicator of the future direction of BTC price,” notes the quant.
The “Coinbase Premium” is a metric that keeps track of the difference between the Bitcoin price listed on the cryptocurrency exchanges Coinbase (USD pair) and Binance (USDT pair).
When the value of this indicator is positive, it means that the price listed on Coinbase is higher than on Binance right now. Such a trend suggests the buying pressure is higher (or the selling pressure is lower) on the former platform than on the latter.
On the other hand, the negative premium implies Coinbase might be observing a higher amount of selling than Binance, as the asset is currently trading at a lower price there.
Now, here is a chart that shows the trend in the 30-day moving average (MA) of the Bitcoin Coinbase Premium over the last couple of years:
As displayed in the above graph, the 30-day MA Bitcoin Coinbase Premium has been positive recently, suggesting that Coinbase users have supported the asset through the rally.
Coinbase is popularly known as the preferred platform of the US-based institutional entities, while Binance has a more global user base. As such, the premium’s value can provide hints about how the behavior of the American whales differs from that of the rest of the world.
From the chart, it’s visible that the buying pressure from these institutional traders peaked alongside the price top but has since been declining. The metric continues to be positive overall, although it’s now quite close to the neutral zero mark.
In the graph, the quant has highlighted an interesting pattern that the cryptocurrency has followed regarding the Coinbase Premium during the last two years. It would appear that whenever the indicator has hit bottom in negative territory and reversed back to an uptrend, the coin’s price has observed a rebound.
An example of this trend also played out just earlier in the year, when a reversal in the indicator led to Bitcoin observing a rally in which the asset would eventually break its all-time high.
The Coinbase Premium is currently riding a downtrend, but it’s yet to dip into negative territory. The analyst explains that BTC is in a “wait and see” phase, where a rebound might be a bit longer out. The metric has to first decline more and reach a reversal point, at least if the historical pattern has to repeat.
BTC Price
Bitcoin had slipped under ,000 earlier, but the asset has found a slight rebound in the past day, returning above ,700.
Dutch Blockchain Days 2024 x OKX: Leading the Blockchain, Crypto & Web3 Discussion
PRESS RELEASE. Introducing Dutch Blockchain Days 2024. The BCNL Foundation is proud to announce the return of the leading Dutch Web3 conference, Dutch Blockchain Days 2024, with OKX, a leading global exchange and innovative Web3 company, as the event’s main sponsor. This one-day event, taking place on June 19, 2024, at the Meervaart Theater in […]
Bitcoin News
Leading Colombian Conglomerate Bancolombia Launches Crypto Exchange, Introduces Peso Stablecoin
Bancolombia Group, one of the leading banks in Latin America and the biggest bank in Colombia, is entering the crypto business with the launch of Wenia, a cryptocurrency exchange. Wenia seeks to disrupt Bitso’s and Binance’s dominance in the cryptocurrency exchange industry in Colombia, and offer a Colombian peso-pegged stablecoin as part of its asset […]
Bitcoin News
Blackrock Reinforces Tokenization Drive Leading $47 Million Funding Round in Digitization Company Securitize
Blackrock, the largest asset management company in the world, has led a strategic funding round of million in Securitize, a capital markets digitalization company. The round, which had the participation of other financial markets and crypto native companies, shows Blackrock is betting on the transformative capabilities of tokenization for global capital markets. Blackrock Leads […]
Bitcoin News
10 US Bitcoin ETFs Amass Over 519,000 BTC, With Blackrock Leading at 50.81%
The latest data reveals that Blackrock’s spot bitcoin exchange-traded fund (ETF) has increased its bitcoin portfolio, now encompassing 263,937.48 bitcoins valued at .88 billion. Spot Bitcoin ETF Reserves Reach New Heights Several U.S. spot bitcoin ETFs have bolstered their bitcoin (BTC) holdings, bringing the total for ten ETFs, excluding Grayscale’s Bitcoin Trust (GBTC), to 519,440.22 […]
Bitcoin News
UBXS: Illuminating the RWA Category – a Leading Trend in the Crypto Sector
PRESS RELEASE. UBXS, the token of Bixos, a groundbreaking Real World Asset (RWA) project designed to revolutionize the crypto industry and bridge the gap between traditional finance and the blockchain ecosystem, has attracted attention with a 500% increase in the latest RWA frenzy, according to CMC data. This data indicates that UBXS crypto investors consider […]
Bitcoin News