Bitcoin is under pressure as the Coinbase Premium Index reaches a 12-month low. The impact of this decline is noticeable in Bitcoin's price movement. According to CryptoQuant analyst Burak Kesmeci, uncertainty surrounding the U.S. elections is a significant contributor to this downturn. On October 25, 2024, the index dropped to -0.200, indicating a challenging period for Bitcoin.
The decline in the Coinbase Index is having a tangible effect on Bitcoin's market performance, as investors react to geopolitical uncertainties. The situation highlights the interconnectedness of Bitcoin's price with global events and market indicators such as the Coinbase Premium Index, further emphasizing the volatile nature of the cryptocurrency market.
