Bitcoin price stabilizes near $64k after rebound, fueled by rate cut optimism

From Investing.com

August 26th, 2024 02:20 AM:

Bitcoin’s price slightly decreased on Monday despite a weekend rebound, trading close to a near one-month high amid growing optimism over interest rate cuts. The dollar’s weakness aided crypto prices, with Bitcoin falling 0.3% to $63,952.7. Persistent strength in the dollar somewhat limited further gains in the token.

The world’s largest cryptocurrency surged after Federal Reserve Chair Jerome Powell’s comments hinted at an imminent interest rate cut. Markets anticipate a September rate cut, with uncertainty over a 25 or 50 basis point reduction. Friday’s inflation data will likely determine the extent of rate cuts, with lower rates benefiting speculative assets like crypto.

Independent presidential candidate Robert F. Kennedy Jr, known for his pro-crypto stance, suspended his campaign to endorse Republican nominee Donald Trump, who also supports cryptocurrencies. Speculation over a potential Trump victory against Democratic nominee Kamala Harris has boosted crypto markets, as Trump has maintained favorable crypto regulations.

Most altcoins dipped after a weekend rally, reflecting cooling momentum and uncertainty over U.S. interest rate cuts. Ethereum dropped 1% to $2,735.15, while Ripple and Litecoin traded flat to lower. Dogecoin experienced significant losses, down 5.8%, while meme token Shiba Inu fell 1.7% amid a broader market retreat.

Read more at Investing.com: steadies near $64k as rebound cools, rate cuts in focus By Investing.com