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BTC trades at a notable premium on Coinbase, indicating renewed stateside demand for the cryptocurrency.
Associated Press has Trump leading the electoral map 101 to 71.
Bitcoin’s “Coinbase premium,” a key metric gauging stateside demand for the leading cryptocurrency, is flashing green again amid reports of an early lead for pro-crypto Republican candidate Donald Trump in the U.S. election.
The “Coinbase Premium Index” measures the price difference for bitcoin on Coinbase, which is widely used by U.S. users and many institutional market participants, compared to the off-shore exchange Binance, the leading exchange by trading volume.
The price differential turned positive during Wednesday’s early Asian hours and jumped to 0.06, the highest since Sept. 14, according to data tracked by analytics firm CryptoQuant.
Price rallies are said to be more sustainable when the cryptocurrency trades at a premium on Coinbase, reflecting stronger buying pressure from sophisticated traders and stateside institutions.
Bitcoin rose over 2% in Asia, topping the $71,000 mark as early trends by the Associated Press showed Trump winning Kentucky, Florida, West Virginia, and another four electoral college votes, outpacing his rival Kamala Harris. At press time, Trump leads the electoral map 101 to 71, according to the Associated Press.
On decentralized predictions platform Polymarket, traders now see a 75% chance of Trump winning the presidential election.
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