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Following signs from the U.S. Federal Reserve indicating interest rates are probably going to drop, Bitcoin demand in the United States has peaked in more than a month. Based on the Coinbase Premium Index, which reached 0.0114 — its highest point since July 15 — recent statistics from CryptoQuant’s Julio Moreno reveal that U.S. investor interest in Bitcoin surged on Aug. 24.
A major indication of U.S. investor demand in comparison to elsewhere, the Coinbase Premium Index gauges the price differential of Bitcoin on Coinbase Pro and Binance. A positive number indicates purchasing pressure; a negative reading can point to a sell-off. Notably, the Coinbase Premium fell below -0.10 before Bitcoin’s price decline on “Crypto Black Monday” on Aug. 5.
Following remarks by Federal Reserve Chair Jerome Powell at the annual Jackson Hole conference, where he indicated that the cycle of interest rate decreases is approaching although he did not say exactly when they would start, the demand surged. Markets have paid great attention to Powell’s comments, and his signal of “appropriate dialing back of policy restraint” appeared to comfort investors.
Reacting quickly to the news, Bitcoin rose 5.46% from Aug. 22 to reach $64,000 at the time of publishing. The price moved momentarily to $64,769, a level not seen since Aug. 2.
The market has always seen sub-$60k Bitcoin as valued for the previous six months, notwithstanding swings, according to crypto expert Will Clemente, therefore highlighting the strength of present buyer desire.
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