Bitcoin (BTC), which had remained in a narrow range for much of Wednesday, saw a dramatic surge toward $100,000 during the U.S. afternoon, nearing a price level it has struggled to surpass in recent weeks.
After briefly dipping below $95,000 around midday, BTC surged nearly 5%, hitting a session high of $99,177, according to CoinDesk data. The cryptocurrency was up 3.2% in the past 24 hours, outperforming the broader CoinDesk 20 Index, which gained 1.3% in the same period.
The price movement coincided with a sharp spike in the “Coinbase Premium,” a metric used to measure BTC demand among U.S. investors. TradingView data revealed that, at times, BTC was trading for over $300 more on Coinbase than on Binance, signaling significant demand from U.S. market participants.
The Coinbase Premium reflects the price difference for spot BTC on Coinbase, which is widely used by U.S. customers and institutional traders, compared to Binance, a major exchange popular with retail investors, particularly in offshore markets.
This price action occurred after Federal Reserve Chair Jerome Powell referred to Bitcoin as a digital equivalent of gold, positioning it as a competitor to the precious metal during his appearance at The New York Times DealBook event on Wednesday. Additionally, Bitcoin’s rally was likely fueled by the nomination of Paul Atkins—considered a crypto-friendly figure—to head the U.S. Securities and Exchange Commission by Donald Trump.
Bitcoin has been grappling with the $100,000 mark for the past two weeks, with the rally driven by optimism surrounding Trump’s election. However, profit-taking has prevented BTC from breaking through this milestone. History indicates that Bitcoin may need multiple attempts to break the psychologically significant level, according to CoinDesk senior analyst James Van Straten.
