Reserve Dollar

Jerome Powell

Chair

Bitcoin

Reserve

Bitcoin demand among U.S. investors has increased massively after the Federal Reserve suggested it might lower interest rates.s. This news led to a noticeable increase in Bitcoin’s price on Coinbase.
On August 23, the Coinbase Premium Index, which shows how much more U.S. investors are willing to pay for Bitcoin compared to other places, hit its highest level in 39 days. This index reached 0.0114, showing that more people in the U.S. are buying Bitcoin.
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> demand in the US spiked today as the Fed signaled the cycle of lower interest rates will begin. Price premium on Coinbase is the highest since July (green line). <a href="https://t.co/X4RREm3Uxb" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/X4RREm3Uxb</a>— Julio Moreno (@jjcmoreno) <a href="https://twitter.com/jjcmoreno/status/1827074576565567882?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 23, 2024</a>
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The rise in interest came after Fed Chair Jerome Powell spoke at the Jackson Hole symposium yesterday, where he hinted that there might be a cut in <a href="https://www.cryptotimes.io/2024/08/24/crypto-surges-as-powell-hints-at-potential-rate-cut/" rel="noopener noreferrer nofollow">interest rates</a> soon. Although he did not give a specific date, his comments made investors hopeful.
Right now, Bitcoin is priced at $64,152, up 5.46% since yesterday. Crypto analyst Will Clemente noted that Bitcoin has been below $60,000 for most of the past six months. However, the Fed’s recent hints have sparked renewed interest and buying activity.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdRi9NipHrtsOZO2la3qdAa4A16cbpZ3-BzjwykquamUywqBmiXy52FETzJUTOPf4KAHdeA7bHTWH12WeGhkTRqcQQqc0-_l8XsdbgeEy_Mb15d9WGsHk-My4qAQAFKMoyFGfnYajjNFZAoWWMSQBm4oG5F?key=f-l999eDvPEqlrjZTBb1hg" alt="AD 4nXdRi9NipHrtsOZO2la3qdAa4A16cbpZ3 BzjwykquamUywqBmiXy52FETzJUTOPf4KAHdeA7bHTWH12WeGhkTRqcQQqc0 l8XsdbgeEy Mb15d9WGsHk My4qAQAFKMoyFGfnYajjNFZAoWWMSQBm4oG5F?key=f l999eDvPEqlrjZTBb1hg">
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 Bitcoin Current Price Chat | Image Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
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The Fed’s signals about interest rates have led to a positive shift in investor sentiment toward Bitcoin, marking a significant increase in its demand in the U.S. market.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 Also Read: <a href="https://www.cryptotimes.io/2024/08/14/atlanta-fed-hints-at-possible-interest-rate-cut-soon/" rel="noopener noreferrer nofollow">Atlanta Fed Hints at Possible Interest Rate Cut Soon</a>
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Bitcoin Sees Surge in Demand as Fed Hints at Interest Rate Cut

The Crypto Times

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