Bitcoin, which had moved sideways at the $57,000 per piece, rose more than 5% over the weekend to over $61,000. Then, the decline started at noon on the 15th, and it remains at the $56,000 level at 7 pm.
Earlier, some cryptocurrency analysts predicted that the price of bitcoin could rise over the weekend. The basis for implementing the US economic stimulus plan.
US President Joe Biden signed an economic stimulus bill worth 1.9 trillion dollars on the 12th. The main goal is to pay $1,400 in cash per capita to U.S. citizens with annual incomes of $75,000 or less. It is estimated that 90% of all Americans are eligible to receive this economic stimulus plan. The White House said deposits will start as early as the 13th.
However, if you look at the on-chain data US investors do not appear to be the main drivers of this rise. The’gap rise’, when the bitcoin price goes from 57,000 dollars to 59500 dollars to 60,000 dollars, appeared at 7pm on the 13th in Korea time.
According to Cryptoquant’s Coinbase Premium Index, a cryptocurrency data analyst firm, the price of bitcoin on Coinbase, a U.S. exchange at this time, is up to $332 compared to the price of bitcoin on Binance exchanges that use dollar stablecoin (USDT). It was low.
Cryptquant CEO Joo Ki-young analyzed this as unusual. He posted on his Twitter on the 14th that the coinbase premium was always significantly higher when the bitcoin price first broke through the 20,000, 30,000, 40, and 50,000 levels. A low reverse premium came out,” he said.
It is a public perception that the purchase of US institutional investors played a significant role in the current rise in bitcoin price. This breakthrough of $60,000 has a slightly different personality from the previous one.Is a story. Coinbase is a cryptocurrency exchange known to be widely used by US institutional investors. According to a recent document submitted by Coinbase to the US Securities and Exchange Commission (SEC), as of the fourth quarter of 2020, the exchange’s private investor trading volume was only 36%.
Grayscale Bitcoin Trust (GBTC) premium also recorded -7.1% as of the 13th. This indicator has been negative throughout March since it hit 1.82% on March 2nd. GBTC is known as an indirect bitcoin investment window for institutional investors who cannot buy bitcoin directly. The fact that the GBTC premium, which once rose to 33% earlier this year, was negative last year means that institutional investors’ investment demand for this product is significantly lower than in the past.
Will the breakthrough of $60,000 mean a constitutional change in the price of bitcoin, or will it be the’big picture’ of whale investors to’pass over’ at a higher price to US individual investors who received disaster subsidies? It is difficult to predict.
The interest rate on 10-year U.S. bonds has risen to 1.61% over the weekends, and the possibility of inflation is rising again, and a regular meeting of the Federal Open Market Committee (FOMC) of the US Federal Reserve is scheduled to be held between the 16th and 17th.
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