US Bitcoin Demand Fails to Recover as Coinbase Premium Stays Negative for 38 Straight Days
Buying interest in Bitcoin in the US market has yet to recover.The Coinbase Bitcoin Premium Index stood at -0.2434% on October 31, according to Odaily. The gauge has remained in negative territory for 38 consecutive days.The Coinbase Premium Index measures the Bitcoin price gap between US-based exchange Coinbase and global exchange Binance. A negative reading means Bitcoin is trading relatively cheaper on Coinbase, signaling weaker buying demand in the US market or selling pressure.The index briefly turned positive on August 24, when it reached 0.0052% and broke a 97-day negative streak.