Cryptocurrency Prices on August 26: Bitcoin holds near $64,000; Altcoins show mixed trends amid rate cut speculation – 247CryptoReporter


Blue-chip crypto tokens Bitcoin (BTC) and Ethereum (ETH) traded slightly lower at $63,570 and $2,730, respectively, on Monday. This follows a weekend where both tokens neared $65,000 and $2,900 after U.S. Federal Reserve Chair Jerome Powell hinted at imminent interest rate cuts.Speaking at the Jackson Hole Economic Symposium, Powell stated, “The time has come” to lower the Fed funds target rate, adding that “the upside risks of inflation have diminished.” He also emphasized that the Fed does not expect further weakening in labor market conditions, suggesting a potential rate cut at next month’s policy meeting — the first in over four years.

As of 3:07 PM IST, Bitcoin (BTC) was down 0.34% at $63,650, and Ethereum (ETH) declined 0.74% to $2,730.

“The overall crypto market reacted positively to Powell’s remarks on potential rate cuts, boosting sentiment,” the CoinDCX Research Team noted. “Technically, Bitcoin remains bullish on higher time frames but neutral on lower time frames, with key support around $58,000 and resistance at $65,500.”

Edul Patel, CEO of Mudrex, highlighted the momentum over the weekend: “Bitcoin climbed following Powell’s hint at a potential rate cut in September. This, combined with positive sentiment from Robert F. Kennedy Jr.’s pro-crypto stance, pushed Bitcoin to $64,000. The next resistance is at $65,600, with support around $63,600.”

The global cryptocurrency market cap decreased by 0.3%, settling at around $2.24 trillion over the last 24 hours. Other major crypto tokens, including BNB, XRP, Cardano, Polkadot, Polygon, Litecoin, and Uniswap, fell by up to 3%, while Solana, Dogecoin, Tron, Toncoin, Avalanche, and Chainlink surged by up to 4%.

The volume of all stablecoins is now $46.3 billion, representing 91.5% of the total crypto market’s 24-hour volume, according to CoinMarketCap data. In the same period, Bitcoin’s market cap dropped to $1.258 trillion, with a dominance of 56.21%. BTC’s 24-hour trading volume also declined by 0.4% to $20 billion.

Ryan Lee, Chief Analyst at Bitget Research, pointed out key factors to watch this week: “The trend in U.S. capital markets and the inflow and outflow of BTC ETFs will be crucial. If BTC ETFs see continued net inflows, Bitcoin could stabilize at $64,000; otherwise, we might see a dip.”

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Whatsapp Banner

(You can now subscribe to our ETMarkets WhatsApp channel)


#Cryptocurrency #Prices #August #Bitcoin #holds #Altcoins #show #mixed #trends #rate #cut #speculation

Want to see more news about Cryptocurrency?

Johnny Walker

I love posting news feeds!

Related Posts

How to ‘make finance great again’: Trump’s new cryptocurrency debuts – 247CryptoReporter

Former President Donald Trump launched a new crypto platform, World Liberty Financial, on Monday evening, 50 days before Election Day. ADVERTISEMENT Republican presidential nominee Donald Trump took to the X…

Ethereum and Bitcoin Investors Add Future A.I Dating Cryptocurrency To Future Investment Portfolios, Here’s Why – 247CryptoReporter

As the cryptocurrency market continues to evolve, a new contender is emerging that has caught the attention of Ethereum (ETH) and Bitcoin (BTC) investors—GoodEgg (GEGG), a revolutionary AI-driven dating platform…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Ethereum News : RSS Feed Generator, Create RSS feeds from URL

Ethereum News : RSS Feed Generator, Create RSS feeds from URL

Magic Eden and Mocaverse collaborate on NFT launchpad MagicMoca NFT Cryptocurrency

Magic Eden and Mocaverse collaborate on NFT launchpad MagicMoca NFT Cryptocurrency

Dogecoin News – Rollblock Skyrockets 160% as Cardano (ADA) and Dogecoin (DOGE) Holders Look for the Next Big Crypto

Dogecoin News – Rollblock Skyrockets 160% as Cardano (ADA) and Dogecoin (DOGE) Holders Look for the Next Big Crypto

How to ‘make finance great again’: Trump’s new cryptocurrency debuts – 247CryptoReporter

How to ‘make finance great again’: Trump’s new cryptocurrency debuts – 247CryptoReporter

Ethereum News : Ethereum falls to new 40-month low vs. Bitcoin — Bottom or more pain ahead?

Ethereum News : Ethereum falls to new 40-month low vs. Bitcoin — Bottom or more pain ahead?

Successful Trader Who Turned $5,000 into $1,000,000 Flipping Ethereum NFTs Shares High-Return Opportunity for the 2024/25 Bull Run NFT Cryptocurrency

Successful Trader Who Turned $5,000 into $1,000,000 Flipping Ethereum NFTs Shares High-Return Opportunity for the 2024/25 Bull Run NFT Cryptocurrency
Please enter CoinGecko Free Api Key to get this plugin works.