Bitcoin Coinbase Premium Turns Deep Red: Reason Behind Crash?
Summary
The Bitcoin Coinbase Premium Index has turned negative, indicating higher selling pressure on Coinbase compared to Binance. This coincided with a drop in Bitcoin's price to under $68,000. The shift in the index suggests a change in behavior of US-based institutional investors, potentially leading to the price plunge. A large BTC transfer from a Binance deposit wallet to a hot wallet has also been noted, possibly impacting the market. Bitcoin is currently trading at around $68,100, down 4% in the past 24 hours.
