Bitcoin Demand From US Investors Wanes: 'Zoom Out And Size Accordingly,' Expert Tells Benzinga
Portfolio Pulse from Murtuza Merchant
The Bitcoin Coinbase Premium Index has turned negative, indicating decreased demand from U.S. investors. This shift coincides with a broader market downturn, with Bitcoin and Ethereum experiencing significant price drops. Despite the volatility, some analysts maintain a long-term bullish outlook on Bitcoin.
July 25, 2024 | 3:15 pm
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NEGATIVE IMPACT
Bitcoin's price has dropped nearly 3.5% amid waning demand from U.S. investors and broader market downturn. Short-term price pressure is expected to continue.
The negative Coinbase Premium Index and broader market downturn are likely to exert continued short-term price pressure on Bitcoin.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Coinbase's Premium Index turning negative indicates waning demand for Bitcoin from U.S. investors, which could impact Coinbase's trading volumes and revenues negatively in the short term.
The negative turn in the Coinbase Premium Index suggests reduced buying pressure from U.S. investors, which could lead to lower trading volumes and revenues for Coinbase in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ethereum has experienced a steep decline of over 8%, pulling the wider altcoin market down. Short-term price pressure is expected to persist.
Ethereum's significant price drop amid broader market concerns suggests continued short-term price pressure.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90