Bitcoin BTC/USD experienced a downturn on Monday, slipping below the $64,000 mark during European trading hours.
What Happened: The 1.2% decline to $63,400 follows a brief 5% rally on Friday, which had been driven by optimistic comments from U.S. Federal Reserve Chair Jerome Powell.
Powell’s remarks at the Jackson Hole symposium hinted at a forthcoming monetary easing cycle, which had initially boosted risk assets as investors responded to the prospect of more accessible funding.
Over the weekend, major cryptocurrencies saw a mix of gains and losses.
Ether ETH/USD hovered just above $2,700, while Solana SOL/USD and Ripple XRP/USD traded at $157 and $0.59, respectively.
In contrast, Tron TRX/USD saw a 3% increase, buoyed by the ongoing enthusiasm around meme coins, which continues to fuel demand for the token.
On Monday, attention shifted to artificial intelligence (AI) tokens, which led the market surge as…
