Bitcoin Holds Above $77K Mark Amid Market Uncertainty
It seems that macroeconomic considerations are now influencing the shift in Bitcoins price, as it closely mirrored the US small-cap stock index. Concerns over a further price drop below $75,000 were stoked by $2 billion in outflows from US-listed spot Bitcoin ETFs in the seven days before Tuesday. At the time of writing, Bitcoin was trading at $77,246, down 0.19% in the last 24 hours as per data from CMC, after briefly touching $78K mark. Market Beginning to Stablize But as Bitcoin (BTC) recovered the upper limits of its range highs, demand on Coinbase suggests that the market is beginning to stabilize. The Coinbase Premium Index has maintained an upward trend over the last 14 days, indicating consistent buyer demand, even though traders have taken $1.14 billion in gains, causing the daily Coinbase premium to hit a six-week low. May 19 saw the lowest reading of the Coinbase Premium Index since March 31st, falling to -0.087. The fact that Bitcoin was priced cheaper on Coinbase compared to Binance indicates that demand from purchasers in the US is weaker, as the negative premium indicates. With a price surge to $82,000 and a daily profit of 14,600 BTC ($1.14 billion) for holders on May 4, profit-taking