Buy $GGsBitcoin Price Dips Below $30,000 as Coinbase Premium Goes to -122
At present, the Coinbase premium is running in negative at -122 suggesting the selling pressure is high and whales are more likely to sell than hodling. Coinbase Premium is the bitcoin price difference in USDT on Coinbase and Binance. During the peak of the bull season, the extensive buying by whales took the price of BTC on Coinbase $300 more than that of Binance owing to high buying pressure. Over the past few weeks, the Coinbase premium has turned out to be a reliable indicator to suggest the market sentiments.
$28k May is not Bottom As Bitcoin Price Premium Dips Further
Bitcoin price seems to be struggling to hold its position above $30,000 having recorded a daily low of $28,900 as the crypto market shows signs of the first significant correction since November last year when the bitcoin price started to climb. Despite a significant liquidity crunch on exchanges and massive hoarding by whales during the price crash, it seems bitcoin’s volatility is making it harder to make a call.
However, one particular pattern or correlation that has emerged this bull season is the Coinbase Premium.
Coinbase premium just hit -122
Chart: https://t.co/RpcUEnGxB6 https://t.co/osn5c9g0Km pic.twitter.com/sf8yBs68m4
— Ki Young Ju 주기영 (@ki_young_ju) January 22, 2021
Bitcoin Price and Coinbase Premium
Price Premiums are nothing new and often reflects the low supply and high demand. However, exchange price premiums were mostly seen on platforms with low liquidity and a small customer base, this bull season, the massive whale trades has led to BTC being bought and sold at premium prices on some of the most popular exchanges such as Binance and Coinbase with trading volume in billions.
It all began when BTC started selling at a premium in Asian markets especially South Korea leading to Asian whales selling in heaps and creating a minor dip in BTC price, followed by US whales aggressively buying the dip creating a price difference of up to $350 on Coinbase and Binance.
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Crypto Market Bill Eyes Late March Markup as Key Senate Roadblocks Begin to Clear
- U.S. Federal Reserve, OCC Approves Banks to Handle Tokenized Securities With New Capital Rules
- Peter Schiff Predicts BTC to Fall, Gold to Rise as Markets Price in Prolonged Iran War
- Institutional Re-Accumulation Signs Emerge as Bitcoin ETFs See $1.1B Net Inflows Since Iran War Began: Glassnode
- From Mining Pool to Infrastructure Platform: Nine Years of EMCD
- HOOD Stock Targets $100 as Robinhood Unveils Platinum Card and Advance Dividend Feature
- Bitcoin Price Prediction if Donald Trump Signs the CLARITY Act on April 3, 2026
- Pi Network Price As BTC Rallies Above $74K: Can PI Coin Extend Gains to $0.30?
- XRP Price As Bitcoin Reclaims $74K- Is $5 Next?
- Dogecoin Price Outlook as BTC Recovers Above $73,000
- XRP Price Prediction as Iran-U.S. Peace Talks Trigger a Crypto Rally
