CandleFocus Bitcoin Defies Historical September Performance With 10% Surge as ‘Coinbase Premium’ Rises
2024-09-28
Author: Content Editor
The price of Bitcoin has surpassed $66,000 in late September, defying its historical poor performance during this month. The growth in Bitcoin's price can be attributed to increased demand in the US, as shown by the growing Coinbase Premium Index. The index measures the price gap between Bitcoin's trading pairs on Coinbase and Binance, with a positive premium indicating higher buying pressure. In contrast to Bitcoin's typical September drop, the Federal Reserve, European Central Bank, and the People's Bank of China have all lowered borrowing costs in an effort to stimulate economic growth, leading to positive responses from investors across various assets, including gold. Gold has reached a new all-time high, with its best year-to-date performance in this century, as the US M2 money supply continues to rise. Societe Generale, in response to geopolitical risks and a weakening commodity market, has shifted its commodity allocation to gold, reflecting increased confidence in gold as a safe-haven asset amid global uncertainties.
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