US Investors Turn to Bitcoin: Powell's Words Draw Billions to the Market!
Julio Moreno, an official of on-chain data and analytics platform CryptoQuant, evaluated the current status of Bitcoin (BTC).
Julio Moreno discussed Bitcoin in his X post dated August 23. He stated that US investors turned more to Bitcoin following the dovish statements of US Federal Reserve Chairman (FED) Powell.
Moreno, who analyzed the price premium index on Coinbase, emphasized that the increasing demand brought this data to the highest level it has seen since July:
The demand for Bitcoin in the US increased after the FED signaled that the interest rate cut cycle would begin. The price premium on Coinbase is at its highest level since July (green line).
The increasing Coinbase premium revealed that US investors are exhibiting more volume and interest. Similar volume was last seen during the major decline on August 5th.
Jerome Powell said during his statements yesterday, âItâs time to change policy.â According to experts, this means that the Fed will cut interest rates.
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