Bitcoin (BTC) ‘Coinbase Premium’ Muted Amid Reports Trump Plans to Designate Crypto as National Policy
The stars couldn’t be aligning more positively for crypto in the US, the world’s largest economy, if the latest media reports are anything to go by. However, one key indicator shows a lack of excitement among US investors.
last thursday, Bloomberg reported that President-elect Donald Trump is likely to issue an executive order announcing crypto as a national imperative or priority with a voice in his administration. Trump may also announce the creation of a crypto advisory that will promote the policy goals of the digital asset industry.
The report came in the middle expectations have risen Trump will announce an executive order supporting the creation of a strategic bitcoin reserve on his first day in office.
Trump, once a crypto skeptic, embraced the industry in the lead-up to the November election, raising hopes for easier regulations and widespread use of digital assets. On Friday, the crypto industry will host the “Inaugural Crypto Ball” in support of Trump, hoping he will fulfill his poll promises after taking office on January 20.
An executive order declaring the creation of a strategic bitcoin reserve and policy priority is highly comparable to much of the anti-crypto Biden administration, where agencies have taken more than 100 enforcement actions against the industry.
However, BTC trades at a slight discount on the Nasdaq-listed Coinbase exchange relative to global bourse Binance Holdings. It’s a sign of muted demand stateside for the leading cryptocurrency.
CryptoQuant’s chart shows gyrations in the Coinbase premium indicator, which measures the spread between the price of BTC on Coinbase and Binance.
BTC’s November-December rise from $70,000 to over $108,000 was led by US investors, reflected in Coinbase’s consistent premium over that period.
There is still comparably bullish pricing on Coinbase, despite expectations for significant positive development in the US Perhaps most of Trump’s optimism was factored in during the November-December rally, and traders in stateside is waiting to see if the incoming President will follow suit. to his promises.
BTC changed hands at $101,600 at press time. Prices have largely traded between $90,000 and $108,000 since mid-December, CoinDesk Index data shows.
