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