On April 8, 2024, bitcoin reached an impressive 24-hour peak of $72,573, marking a significant uptrend. With a 24-hour trading volume of $29.64 billion and a market capitalization soaring to $1.41 trillion, the cryptocurrency showcases strong market growth. Bitcoin Analyzing the daily chart, bitcoin (BTC) displays a bullish pattern with consistently higher lows and higher […]
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A notable development ensues as Bitcoin enters 2024 with the reappearance of premiums on both Chicago Mercantile Exchange (CME) futures and Coinbase. Data analysis reveals a discernible price discrepancy between CME’s Bitcoin futures, trading approximately at $46,400, and Binance’s BTCUSDT pair, exchanging hands at about $45,300. This almost $1,000 variance emerges as the fifth-largest differential observed in the past year.
Further, the Coinbase premium, too, has made a comeback. The BTCUSD pair on Coinbase is seen trading for $45,400, in contrast to the BTCUSDT pair, set at $45,300. This evolving landscape indicates a resurgence in institutional interest, primarily from the United States, coinciding with the potential approval of a Bitcoin spot Exchange-Traded Fund (ETF).
While the dynamics of this resurgence are multifaceted, it is clear that the potential approval of the spot ETF may have a major role in this shift.
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