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Bitcoin Remains Stable as US and Korea Markets Show Positive Signs

According to CryptoQuant, a platform that provides on-chain data and analysis for cryptocurrencies, the Bitcoin (BTC) Coinbase Premium Index and the Korea Premium Index are both indicating favorable market conditions for the leading digital asset.

The Coinbase Premium Index measures the difference between the BTC price on Coinbase Pro, a US-based exchange, and Binance, a global exchange. A positive value means that US investors are buying more BTC than selling, which reflects a bullish sentiment. A negative value means the opposite, which indicates a bearish sentiment.

As of February 19, 2024, the Coinbase Premium Index is positive, suggesting that US investors are still in good market sentiment despite the recent correction that saw BTC drop from its all-time high of $58,640 on February 14 to $46,000 on February 16.

Source: CryptoQuant

The Korea Premium Index, also known as the Kimchi Premium, measures the difference between the BTC price on Korean exchanges and the global average. A high value means that Korean investors are willing to pay more for BTC than the rest of the world, which signals a strong demand and a potential overheating. A low value means the opposite, which indicates a weak demand and a possible cooling down.

Source: CryptoQuant

The Korea Premium Index, which typically identifies short-term overheating, is currently at 3.53%, up from last week’s 1.5% level, but not at overheating levels. This suggests that Korean investors are still interested in BTC, but not in a frenzy mode that could lead to a sharp sell-off.

In conclusion, the positive Coinbase Premium Index suggests that US investor sentiment is good, and the lack of overheating in the Korea Premium Index suggests that BTC is poised for sideways movement or further upside. Until the Korea Premium Index shows overheating by more than 5%, the altcoin pumping market is likely to continue, as investors seek higher returns from alternative cryptocurrencies.

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