Bitcoin reached new ATH $99,800
Bitcoin (CRYPTO:BTC) soared to a new all-time high of $99,800 on November 21, 2024, before sliding back to $95,796 by Sunday afternoon.
The market’s wild swings saw $472.69 million in liquidations, affecting over 186,000 traders in the derivatives space.
Data from cryptoquant.com revealed a persistent Coinbase premium since November 3, pointing to strong U.S. investor demand.
Premiums often indicate heightened institutional interest, with whales purchasing BTC even at elevated prices.
In contrast, South Korea’s Kimchi Premium Index (KPI) turned negative on November 20, a day before BTC’s peak.
By November 22, the KPI reflected a 0.85% discount, signaling lower demand or increased selling pressure among South Korean traders.
At 3:45 p.m. (Easter Time) Sunday, Bitcoin’s global average price was $96,776, while South Korea’s Upbit exchange listed Bitcoin at $95,125, reflecting a 1.7% local discount.
The contrasting trends underline regional differences in sentiment: US buyers appear to be driving demand, while South Korean traders are taking a more cautious approach.
These dynamics may stem from varying market conditions, regulatory factors, or trading behaviors unique to each region.
By 5:10 p.m. (Eastern Time), Bitcoin recovered slightly to $97,376 globally, with Upbit prices following at $96,241, narrowing the gap but maintaining the discount.
This split between premiums and discounts illustrates how localised activity can influence global price movements, especially during periods of price discovery.
As bitcoin tests new highs, the interplay of regional demand and supply factors adds complexity to its price trajectory, showcasing the fragmented yet interconnected nature of the global crypto market.
At the time of reporting, Bitcoin price was $97,775.64.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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