Summary
- It was reported that the Coinbase Premium turning negative indicates a cautious attitude among US cryptocurrency investors.
- It was stated that the recovery in Bitcoin's price might have been led by global investors.
- The fluctuation in the premium index ahead of the US January CPI announcement suggests a change in market sentiment, which is noteworthy.
Opinions have emerged that US cryptocurrency investors are showing caution ahead of the Consumer Price Index (CPI) announcement.
On the 12th (local time), CoinDesk reported, "The Coinbase Premium has turned negative for the first time since Bitcoin's sharp decline three days ago," adding, "US investors are showing a cautious attitude ahead of the CPI announcement." It further stated, "The recovery in Bitcoin's price the previous day was likely led by global investors."
The Coinbase Premium refers to the price difference between the US Coinbase exchange and global cryptocurrency markets like Binance. The Coinbase Premium index can be used to assess the bullish market sentiment in the altcoin market and understand the market psychology of US investors.
Meanwhile, the US January CPI is scheduled to be announced today at 10:30 PM.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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