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Bitcoin regained its $63,000 threshold as the Coinbase Premium Index soared to a 39-day high, driven by speculation over the Federal Reserve's interest rate policy.
Bitcoin Tops $63K as Coinbase Premium Index Peaks
According to Cointelegraph, recent data shows that interest in purchasing Bitcoin in the US reached a 39-day high, likely prompted by the US Federal Reserve's further confirmation that interest rates will be falling.
In a post on August 24th, CryptoQuant Julio Moreno said:
To back up his assertion, Moreno looked at the Coinbase Premium Index, which compares the demand from investors in the United States to that of investors in other countries by measuring the spread between the prices of Bitcoin on Coinbase Pro and Binance.
US Demand Drives Coinbase Premium Index to 39-Day High
At 0.0114, the indicator reached its highest level since July 15.
When readings are positive, it means there is purchasing pressure; when readings are negative, it means there is selling pressure. As Bitcoin's price plunged below $50,000 on August 5—the day before "Crypto Black Monday"—the Coinbase Premium fell below -0.10.
Powell's Comments Ignite Bitcoin Buying Frenzy
Federal Reserve Chair Jerome Powell reassured the public that interest rate decreases were inevitable, but he did not specify when leading to a rise in demand.
While speaking at the yearly Jackson Hole symposium, he stated, "The time has come for policy to adjust."
Bitcoin Nears $65K Following Powell's Jackson Hole Remarks
According to CoinMarketCap data, Bitcoin is trading at $63,978 at the time of publication, representing a 5.46% increase from Aug. 22.
After not exceeding $64,000 since August 2, Bitcoin's price surged to $64,769, narrowly missing the $65,000 threshold.
According to a recent report by Cointelegraph, Powell's event, which markets were closely watching for signs of policy easing, saw a dovish Powell announce a "suitable dialing back of policy restraint" without providing a specific start date for the cuts.
Miner Costs Could Trigger Bitcoin Selloff Despite Fed News
Concerns about possible selling pressure from miners, prompted by the cost of mining Bitcoin remaining at $72,224, kept the price of Bitcoin at $60,000 just hours before the Fed's announcement and its subsequent price increase.
Will Clemente, a cryptocurrency analyst, said in a post dated August 23:
