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Cryptocurrency News Articles
Bitcoin (BTC) Price Tops $66,000 as Coinbase Premium Index Grows, Bucking Historical September Trend
Sep 28, 2024 at 08:26 am
The price of the flagship cryptocurrency Bitcoin has topped the $66,000 as we near the final days of September as it appears to be bucking its historically
The price of BTC continues to rise as we approach the final days of September with the flagship cryptocurrency now changing hands for over $66,000.
This comes amid a wave of interest rate cuts and as the ‘Coinbase Premium’ grows, bucking bitcoin’s historically poor performance for the month.
CryptoQuant’s Head of Research Julio shared a post on the microblogging platform X (formerly known as Twitter), noting that demand in the US helped BTC’s price rally to $65,000, which is highlighted by the growing Coinbase Premium Index.
The Coinbase Premium Index is an indicator that shows the price gap between Coinbase’s BTC/USD trading pair and Binance’s BTC/USDT pair.
When the premium is positive, it shows buying pressure on the exchange is heating up.
A deeply discounted premium suggests weak buying pressure from American investors, a trend that has coincided with past Bitcoin price bottoms.
Higher demand in the US made Bitcoin rallied today towards $65K.The Coinbase premium increased to the highest level in two weeks. pic.twitter.com/YhJItIGNvY
According to CCData, the cryptocurrency’s performance in September from 2010 to 2023 has seen an average drop of 4.51%, making it bitcoin’s worst month on record.
In contrast, April and November show the highest average returns.
The Federal Reserve, European Central Bank, and People’s Bank of China all lowered borrowing costs in September to stimulate economic growth, a move that was met with a positive response from investors who bid up stocks, gold, and other assets.
Speaking of gold, the precious metal hit a new all-time high around the $2,700 mark per ounce after surging more than 30% so far this year, marking its best year-to-date performance of this century as the U.S. M2 money supply is reaching a new high.
The M2 money supply, which includes physical currency in circulation, savings and time deposits, and money market funds, has been growing every month since February and is now standing at $21.2 trillion according to Trading Economics.
In related news, Societe Generale has shifted 100% of its commodity allocation to gold, driven by geopolitical risks and a broader weak commodity market.
The French bank increased its gold holdings to 7% of its total asset allocation, reflecting a 40% quarter-over-quarter rise. This pivot toward gold signals growing confidence in the yellow metal as a safe-haven asset amid ongoing uncertainties in global markets.
The featured image is from Unsplash.
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