Bitcoin's Recent Downturn
Bitcoin BTC/USD experienced a modest decline on Monday, dropping below the $64,000 mark during European trading hours. This 1.2% decrease to $63,400 came after a brief 5% rally on Friday, spurred by optimistic remarks from U.S. Federal Reserve Chair Jerome Powell. Powell's comments at the Jackson Hole symposium suggested an upcoming monetary easing cycle, which initially boosted risk assets due to the potential of more accessible funding. Over the weekend, the cryptocurrency market saw varied movements, with Ether ETH/USD hovering around $2,700, Solana SOL/USD at $157, and Ripple XRP/USD trading at $0.59. Tron TRX/USD gained 3%, driven by ongoing interest in meme coins, which continue to increase demand for the token.
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