It is analyzed that the bitcoin decline, which started on the 21st, started on the US Coinbase Exchange, not the Asian market.
Cryptoquant, a cryptocurrency on-chain data analysis company, announced through an official Telegram on the 21st that the Coinbase Premium has been negative since 9am on the 21st.
Coinbase Premium is an index that quantifies the difference between the bitcoin-dollar price of Coinbase, the largest cryptocurrency exchange in the U.S., and the bitcoin-tether (USDT) price of Binance Exchange.
When a whale investor who uses Coinbase as a base buys or sells bitcoin, this premium indicator changes.
Bitcoin decline began in earnest from 7:30 this morning. The price range is 35,000 dollars. From this period until 10 am on the 22nd, when it hit $29,000, the coinbase premium remained slightly negative throughout the decline.
This means that the Bitcoin price of Coinbase was lower than that of Binance Exchange. In the areas where the decline was strong (circular shaded areas in the photo), most of the coinbase premiums showed a larger drop. This is a typical phenomenon observed when coinbase whales intensively sell bitcoins.
As this decline intensified, some cryptocurrency figures turned their arrows to Asia. According to Asian standards, the decline began during the daytime.
“Thank you for Asia,” said Michael Sonenshine, CEO of Grayscale, and tweeted hinting that US cryptocurrency investors are preparing to buy.
Some pointed to the cause of the decline when US Treasury Secretary-nominee Janet Yellen said, “I am looking carefully (whether cryptocurrency will be used to finance terrorism)” at a US Senate Treasury Commission hearing on the 19th. . Most domestic media also cited this as the reason for this decline.
However, the remarks came two days before the decline, so it does not seem convincing to connect with the decline. On the day of Yellon’s remarks, the bitcoin market did not respond very noticeably.
Already a few days ago, there have been steady voices saying that if the bitcoin price fails to recover $40,000, it seems difficult to avoid a decline due to rising fatigue.
JPMorgan, an investment bank in the US, predicted in an investor memo on the 15th that if the bitcoin price fails to re-break above $40,000 in the near future, there is a possibility of a further decline.
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