After the speech made by Jerome Powell, the Bitcoin price jumped, as the saying goes, and it was seen that it reached a level not seen in a long time in the early hours of the day. In the midst of all this, there were also notable comments from important names in the market. So let’s see together what exactly is happening in the market right now.
Bitcoin Comments
Looking at the latest data from the market, after the US Federal Reserve officials openly stated that interest rates would be reduced, the interest of Bitcoin buyers in the US reached a 39-day high, which had a significant impact on the price. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Working at CryptoQuant Julio Moreno In his post X shared on August 24, he said the following:
Bitcoin demand soared in the US today as the Fed signaled the start of a cycle of lower interest rates.
This view put forward by Moreno, Coinbase Pro And On Binance It was based on the Coinbase Premium Index, which reveals the difference in demand between Bitcoin prices and investors outside the US and in the US.
The indicator was seen reaching its highest level since July 15, at 0.0114. A positive outlook suggests buying pressure, while a negative outlook suggests that selling may already be taking place. Just before the “Crypto Black Monday” on August 5, when Bitcoin’s price fell dramatically to below $50,000, the Coinbase Premium indicator fell below -0.10.
The increase in demand was seen after Fed Chairman Jerome Powell said in his statements that interest rate cuts were likely, but it was not stated when they would occur. In his speech at the annual Jackson Hole symposium, Powell commented that it was time to adjust policy.
Bitcoin Latest Situation
CoinMarketCap According to data provided by , as of the time of writing, Bitcoin has found buyers at $64,281 after a 5.46% increase since August 23. The price of Bitcoin reached $64,769, last seen on August 2, during the night and morning hours, and then visited $65,000 in the futures market.
Just hours before the Fed made the statement where the minutes would be shared, Bitcoin was finding buyers around $60,000 and miners were concerned about potential selling pressure as the cost of Bitcoin mining remained at $72,224.
Crypto analyst Will Clemente In his statement on August 23, he said:
There are still 7 days left in the month, but there is no denying that the market has been viewing BTC under $60,000 as value for 6 months now.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
