{"id":762,"date":"2024-08-24T20:30:36","date_gmt":"2024-08-24T20:30:36","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=762"},"modified":"2024-08-24T20:30:36","modified_gmt":"2024-08-24T20:30:36","slug":"heres-how-us-bitcoin-demand-spiked-following-fed-chairs-speech","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=762","title":{"rendered":"Here\u2019s How US Bitcoin Demand Spiked Following Fed Chair\u2019s Speech"},"content":{"rendered":"

The price of Bitcoin<\/a> experienced an early weekend surge following Federal Reserve Chairman Jerome Powell\u2019s speech at the Jackson Hole symposium. According to the latest on-chain observation, the announcement of potential interest rate cuts has led to an increase in Bitcoin demand in the past day.<\/p>\n

BTC Demand Sees Growth In The US \u2014 Impact On Price?<\/strong><\/h2>\n

In a recent post on the X platform, CryptoQuant\u2019s Head of Research Julio Moreno revealed<\/a> that demand for Bitcoin has been on the rise in the United States in the past 24 hours. This growth came on the back of the Fed disclosing that a cycle of lower interest rates would soon commence.<\/p>\n

Lower interest rates by the central bank are often a welcome development for risky assets like Bitcoin, the world\u2019s largest cryptocurrency. Falling interest rates tend to diminish the profits on traditional financial instruments such as bonds, making cryptocurrencies more attractive options for investors seeking higher yields.<\/p>\n

According to Moreno, the BTC price premium on Coinbase \u2014 the largest cryptocurrency exchange in the US \u2014 has surged to its highest level since mid-July. For context, the Coinbase premium refers to the difference between the coin\u2019s value on Coinbase and other global centralized exchanges.<\/p>\n\n

Typically, when the BTC price premium on Coinbase is rising, it implies that there is increasing demand from US investors<\/a>, as they are willing to spend more to acquire Bitcoin. As earlier explained, this heightened demand makes sense given the likelihood of interest rate cuts and less profitable traditional financial instruments.<\/p>\n

Increasing demand is a particularly good sign for the price of Bitcoin, as it suggests that investors are positioning themselves to reap from a promising crypto future. At the same time, the growing demand and the rising price premium could result in elevated market volatility.<\/p>\n

Furthermore, the increasing US Bitcoin demand comes just at the right time, as demand growth has remained at low levels over the past few weeks. CryptoQuant observed<\/a> in a report that BTC\u2019s apparent demand has been sluggish since April 2024 when the coin\u2019s price was around $70,000.<\/p>\n

According to the blockchain intelligence firm, the apparent demand needs to see some growth for BTC\u2019s price to see some daylight. Ultimately, if the growing demand in the United States is sustained and spread to other markets, investors could see the flagship cryptocurrency return to around its all-time high.<\/p>\n

Bitcoin Price At A Glance<\/strong><\/h2>\n

As of this writing, the price of BTC<\/a> is hovering around $64,000, reflecting an over 5% increase in the past day. According to data from CoinGecko, the premier cryptocurrency is up by 7.5% in the past week.<\/p>","protected":false},"excerpt":{"rendered":"

The price of Bitcoin experienced an early weekend surge following Federal Reserve Chairman Jerome Powell\u2019s speech at the Jackson Hole symposium. According to the latest on-chain observation, the announcement of potential interest rate cuts has led to an increase in Bitcoin demand in the past day. BTC Demand Sees Growth In The US \u2014 Impact […]<\/p>\n","protected":false},"author":0,"featured_media":763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/762"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=762"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/762\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/763"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}