• Home
  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • DeFi
  • Dogecoin
  • Ethereum
  • Market & Analysis
  • More
    • NFTs
    • XRP
    • Regulations
  • Shop
    • Bitcoin Coin
    • Bitcoin Hat
    • Bitcoin Book
    • Bitcoin Miner
    • Bitcoin Standard
    • Bitcoin Miner Machine
    • Bitcoin Merch
    • Bitcoin Wallet
    • Bitcoin Shirt
No Result
View All Result
Card Bitcoin
Shop
Card Bitcoin
No Result
View All Result
Home Bitcoin

Here’s How US Bitcoin Demand Spiked Following Fed Chair’s Speech

n70products by n70products
August 25, 2024
in Bitcoin
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


The price of Bitcoin skilled an early weekend surge following Federal Reserve Chairman Jerome Powell’s speech on the Jackson Gap symposium. In response to the newest on-chain commentary, the announcement of potential rate of interest cuts has led to a rise in Bitcoin demand up to now day.

BTC Demand Sees Development In The US — Impression On Worth?

In a latest submit on the X platform, CryptoQuant’s Head of Analysis Julio Moreno revealed that demand for Bitcoin has been on the rise in the US up to now 24 hours. This progress got here on the again of the Fed disclosing {that a} cycle of decrease rates of interest would quickly begin.

Decrease rates of interest by the central financial institution are sometimes a welcome growth for dangerous belongings like Bitcoin, the world’s largest cryptocurrency. Falling rates of interest are likely to diminish the income on conventional monetary devices similar to bonds, making cryptocurrencies extra enticing choices for buyers in search of increased yields.

In response to Moreno, the BTC worth premium on Coinbase — the most important cryptocurrency trade within the US — has surged to its highest degree since mid-July. For context, the Coinbase premium refers back to the distinction between the coin’s worth on Coinbase and different international centralized exchanges.

Bitcoin

Chart exhibiting BTC's Coinbase premium index | Supply: jjcmoreno/X

Usually, when the BTC worth premium on Coinbase is rising, it implies that there’s rising demand from US investors, as they’re keen to spend extra to amass Bitcoin. As earlier defined, this heightened demand is sensible given the chance of rate of interest cuts and fewer worthwhile conventional monetary devices.

Growing demand is a very good signal for the value of Bitcoin, because it means that buyers are positioning themselves to reap from a promising crypto future. On the similar time, the rising demand and the rising worth premium may end in elevated market volatility.

Moreover, the rising US Bitcoin demand comes simply on the proper time, as demand progress has remained at low ranges over the previous few weeks. CryptoQuant observed in a report that BTC’s obvious demand has been sluggish since April 2024 when the coin’s worth was round $70,000.

In response to the blockchain intelligence agency, the obvious demand must see some progress for BTC’s worth to see some daylight. Finally, if the rising demand in the US is sustained and unfold to different markets, buyers may see the flagship cryptocurrency return to round its all-time excessive.

Bitcoin Worth At A Look

As of this writing, the price of BTC is hovering round $64,000, reflecting an over 5% enhance up to now day. In response to information from CoinGecko, the premier cryptocurrency is up by 7.5% up to now week.

Bitcoin

The worth of BTC on the each day timeframe | Supply: BTCUSDT chart on TradingView

Featured picture from iStock, chart from TradingView



Source link

Tags: BitcoinChairsDemandFedHeresSpeechSpiked
Previous Post

Crypto Markets and Equities Jump As U.S. Fed Chair Jerome Powell Alludes to Upcoming Rate Cuts

Next Post

Trader Says Memecoin That’s Up Over 27,000% in Under One Year Showing Massive Strength, Updates Outlook on SYN

Next Post

Trader Says Memecoin That’s Up Over 27,000% in Under One Year Showing Massive Strength, Updates Outlook on SYN

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Product categories

  • Bitcoin Book
  • Bitcoin Coin
  • Bitcoin Hat
  • Bitcoin Merch
  • Bitcoin Miner
  • Bitcoin Miner Machine
  • Bitcoin Shirt
  • Bitcoin Standard
  • Bitcoin Wallet
  • Products
  • Uncategorized

Related News

Donald Trump vows to sack SEC boss and end ‘persecution’ of crypto industry

August 5, 2024
OpenAI sought Anysphere deal before turning its sights on WindSurf

OpenAI sought Anysphere deal before turning its sights on WindSurf

April 17, 2025
Internet Personality Dave Portnoy Issues Exciting XRP – Bitcoin Forecast

Internet Personality Dave Portnoy Issues Exciting XRP – Bitcoin Forecast

May 17, 2025

Recents

ETH Price Recovery to $3,000 Soon Amid Staking Push for Ethereum ETFs

ETH Price Recovery to $3,000 Soon Amid Staking Push for Ethereum ETFs

June 1, 2025
Cronos Defies Crypto Market Downtick on Friday As Asset Manager Canary Capital Files for CRO ETF

Cronos Defies Crypto Market Downtick on Friday As Asset Manager Canary Capital Files for CRO ETF

June 1, 2025
US opens door to retirement savers purchasing crypto tokens

US opens door to retirement savers purchasing crypto tokens

June 1, 2025

CATEGORIES

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • DeFi
  • Dogecoin
  • Ethereum
  • Market & Analysis
  • NFTs
  • Regulations
  • XRP

BROWSE BY TAG

Altcoin ALTCOINS Analyst Binance Bitcoin Bitcoins Blog Breakout BTC Bullish Bulls Coinbase Crash Crypto DOGE Dogecoin ETF ETH Ethereum Foundation Heres high hits Key Level Major Market Memecoin Move Outlook Predicts Price Rally Report SEC Solana Support Surge Target Top Trader Trump Updates Whales XRP

© 2024 Card Bitcoin | All Rights Reserved

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • DeFi
  • Dogecoin
  • Ethereum
  • Market & Analysis
  • More
    • NFTs
    • XRP
    • Regulations
  • Shop
    • Bitcoin Coin
    • Bitcoin Hat
    • Bitcoin Book
    • Bitcoin Miner
    • Bitcoin Standard
    • Bitcoin Miner Machine
    • Bitcoin Merch
    • Bitcoin Wallet
    • Bitcoin Shirt

© 2024 Card Bitcoin | All Rights Reserved

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Go to mobile version