IT Tech
Demand in the Asian market is on the rise.
In the past week, a significant shift in sentiment and Bitcoin demand has been observed in both the US and Asian markets. What triggered this shift? The Coinbase Premium Index indicates a notable weakening of BTC demand in the US market, whereas the Korea Premium Index reveals a substantial surge in demand for Bitcoin in the Asian market. What do these indexes represent? They compare Bitcoin prices on Binance with those on Coinbase and South Korean exchanges, respectively. Curious about the actual demand in these markets, I decided to investigate. How? By comparing trading volumes on these exchanges. My findings revealed that several times in the last week, the trading volume on South Korean Upbit surpassed that on Coinbase, highlighting the increased demand in the Asian market. It would be beneficial for the US market's demand to rebound, alongside sustained demand in the Asian market. This scenario could pave the way for further increases in Bitcoin prices.