Bitcoin Coinbase Premium Soars to Highest Level Since July Amidst US Demand Surge

IconCryptoNewsTerminal Staff23 Aug, 2024

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Bitcoin Coinbase Premium Soars to Highest Level Since July Amidst US Demand Surge

The Bitcoin Coinbase Premium, which reflects the price difference between Coinbase and Binance, has reached its highest level since mid-July. This surge is attributed to an increase in demand for Bitcoin in the United States following the recent statement by Fed Chair Jerome Powell suggesting a potential easing of monetary policy. CryptoQuant Research lead Julio Moreno noted this trend, emphasizing the strong demand for Bitcoin in the US after Powell's speech at the Jackson Hole meeting. The speech hinted at possible rate cuts, potentially leading to increased investment in Bitcoin as a hedge against inflation. This latest development adds to the ongoing narrative of institutional adoption and anticipation of Bitcoin's potential as a safe-haven asset.

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