Bitcoin is currently seeing strong buying pressure from U.S. investors, as reflected by the on-chain data. The US recession fear and the interest rate hike by the Bank of Japan (BOJ) have triggered a massive selloff recently in the broader financial market, let alone the crypto sector. However, with the recent dovish signal from BOJ, the highest crypto by market cap appears to be witnessing strong demand from the US traders.
Bitcoin Sees Strong Buying Pressure In US
The Bitcoin Coinbase Premium Index has turned positive for the first time since July 28, indicating increased demand for the cryptocurrency on the US-based exchange. According to CryptoQuant data, the premium gap reached 0.025 on August 7, signaling that investors are pouring money into Bitcoin.
This surge in demand comes despite soaring concerns over a potential US recession, fueled by weaker-than-expected jobs data and a rising unemployment rate. The Sahm Rule, a key recession indicator, was triggered as initial jobless c
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