Bitcoin Demand Soars in US as Fed Hints at Rate Cuts: Report
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BTC demand in the US surged to a 39-day high after the Fed hinted at interest rate cuts.
Coinbase Premium Index hit a high, showing strong US buying pressure on Bitcoin.
Following Powellâs interest rate comments, Bitcoinâs price surged to nearly $65,000.
Bitcoin interest in the United States has surged to a 39-day high following signals from the Federal Reserve that interest rates are likely to decrease soon. In an X post on Saturday, Julio Moreno, head of research at CryptoQuant, shared insights on Bitcoin demand in the US. He noted that the demand spiked as the Fed suggested a cycle of lower interest rates could begin soon.
Coinbase Premium Index Up
According to Julio, this surge in demand is reflected in the Coinbase Premium Index. The index measures the price difference between Bitcoin on Coinbase Pro and Binance, serving as a key indicator of US investor activity compared to global markets. On the day of the Fedâs announcement, the index hit 0.0114, its highest level since July 15.
This positive reading indicates strong buying pressure in the US market.
Positive readings on the Coinbase Premium Index signal increased buying activity. In contrast, negative readings can suggest a sell-off. Just before âCrypto Black Mondayâ on August 5, when Bitcoinâs price fell below $50,000, the index dropped below 0.10. This significant drop signaled that selling pressure was mounting at the time.
Bitcoin Demand SurgesÂ
The renewed interest in Bitcoin follows a speech by Fed Chair Jerome Powell at the annual Jackson Hole symposium. Powell hinted that interest rate cuts are on the horizon, although he did not specify when they would occur.Â
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