Bitcoin smashed its previous record to briefly surge past a new peak of ,000 as Donald Trump is all set to become the 47th President of the United States. Amidst what is being considered a massive victory for the crypto industry, the Coinbase Premium Index experienced a positive spike, indicating a potential surge in demand for Bitcoin in the US. Coinbase Premium Index Spikes The “Coinbase Premium Index” tracks the price difference between Bitcoin on Coinbase – an exchange popular among US users and many institutional investors – and Binance, the largest platform by trading volume. According to CryptoQuant’s latest update, the index turned positive during Wednesday’s early Asian trading hours, climbing to 0.06 – its highest level since September 14. The figure has
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Bitcoin smashed its previous record to briefly surge past a new peak of $75,000 as Donald Trump is all set to become the 47th President of the United States.
Amidst what is being considered a massive victory for the crypto industry, the Coinbase Premium Index experienced a positive spike, indicating a potential surge in demand for Bitcoin in the US.
Coinbase Premium Index Spikes
The “Coinbase Premium Index” tracks the price difference between Bitcoin on Coinbase – an exchange popular among US users and many institutional investors – and Binance, the largest platform by trading volume. According to CryptoQuant’s latest update, the index turned positive during Wednesday’s early Asian trading hours, climbing to 0.06 – its highest level since September 14.
The figure has since dropped to 0.04. Nevertheless, such a premium on Coinbase often points to solid buying pressure from US traders and institutional investors, supporting a potentially more sustainable Bitcoin rally.
In its latest note to investors, QCP Capital expressed confidence that Bitcoin’s bullish momentum will remain strong as the market moves into 2025. The digital asset trading firm stated,
“The crypto market has been on fire with BTC hitting an all-time high of 75k after touching its previous record of 73.5k, set back on March 14. Since then, BTC has traded mostly within a tight range below 70k.
Notably, BTC has now navigated three election cycles since its inception in 2009, each followed by rallies to new highs, with prices never dipping back to pre-election levels. We expect this bullish momentum to hold strong as we head into 2025.”
State of Traditional Market Post-Trump Victory
In addition to the Bitcoin rally, Trump’s victory has also impacted traditional markets. QCP Capital revealed that the dollar climbed 1.2%, hitting its highest level since July at 105. Meanwhile, bond yields also rose as markets look forward to stronger economic growth and higher fiscal spending.
The 10-year Treasury yield increased by 15 basis points, and the 2-year yield gained 8 basis points, reflecting rising investor optimism. Despite Trump’s “friendlier” policy proposals, which may reduce the likelihood of rate cuts, the market still anticipates 1.8 cuts this year and three additional cuts next year.