Bitcoin Price Today: Stumbles Slightly as Weekend Rebound Cools, Rate Cuts in Focus

Bitcoin's price fell slightly on Monday as a weekend rebound ran out of steam, although growing optimism over interest rate cuts kept the cryptocurrency trading close to a near one-month high.

Bitcoin price slipped marginally on Monday, as a weekend rebound ran out of steam, though growing optimism over interest rate cuts kept the token trading close to a nearly one-month high.

Broader crypto prices also pulled back after clocking strong gains since Friday, following comments from Federal Reserve Chair Jerome Powell that the bank was preparing to cut interest rates. Weakness in the dollar, which fell to a 13-month low, also boosted crypto prices.

Bitcoin price dipped 0.3% to $63,952.7 by 01:59 ET (05:59 GMT).

Further gains in the token were, however, seen being somewhat capped by persistent strength in the Japanese yen. A sharp appreciation in the yen earlier this month had rattled risk-driven markets and also unwound a carry trade that favored speculative assets like crypto.

Bitcoin buoyed by rate cut bets

The world’s largest cryptocurrency rose sharply in the past two days following Powell’s comments, which suggested that an interest rate cut was imminent.

Markets are now pricing in a September interest rate cut, but are split over a 25 or 50 basis point reduction, according to CME Fedwatch.

PCE price index data- which is the Fed’s preferred inflation gauge- is due this Friday, and is likely to determine the path of any rate cuts.

Lower rates bode well for speculative assets such as crypto, given that they leave more liquidity available for investing in the sector.

RFK backs Trump, pro-crypto regulatory outlook improves

Independent presidential candidate Robert. F. Kennedy Jr, who has maintained a pro-crypto platform, suspended his campaign and threw his weight behind Republican nominee Donald Trump, who has also maintained a pro-crypto stance.

The move sparked gains in crypto markets amid increased speculation that Trump could clinch a victory against Democratic nominee Kamala Harris- a scenario that presents friendlier regulations for crypto.

Trump has maintained a largely pro-crypto stance in his campaigning, and had recently appeared as a keynote speaker at the Bitcoin conference.

Crypto price today: altcoins dip after weekend rally

Among broader crypto prices, most altcoins pulled back as a weekend rally cooled and as markets awaited further cues on U.S. interest rate cuts.

World no.2 token Ether price fell 0.9% to $2,735.15, while SOL, XRP and ADA prices were seen trading largely flat-to-lower.

MATIC clocked outsized losses, shedding 5.8%, while among meme tokens, DOGE price fell 1.7%.

The above is the detailed content of Bitcoin Price Today: Stumbles Slightly as Weekend Rebound Cools, Rate Cuts in Focus. For more information, please follow other related articles on the PHP Chinese website!