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Bitcoin (CRYPTO: BTC) 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 (CRYPTO: ETH) hovered just above $2,700, while Solana (CRYPTO: SOL) and Ripple (CRYPTO: XRP) traded at $157 and $0.59, respectively.
In contrast, Tron (CRYPTO: TRX) 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 traders in Asia invested heavily in (CRYPTO: FET), the token associated with the ‘Artificial Superintelligence Alliance,’ and Bittensor (CRYPTO: TAO).
This move comes ahead of Nvidia‘s highly anticipated earnings report, set for Aug. 28.
Historically, Nvidia’s performance has been a key indicator for the AI token space, with traders often positioning themselves in advance of the company’s earnings announcements.
FET recorded an 8.8% gain by early afternoon in Hong Kong, while TAO was up by 4.7%.
Analysts, citing expectations from FactSet, predict Nvidia’s upcoming earnings will be a blockbuster event, with earnings per share projected to soar by 141% to $0.65, and revenue expected to reach $28.72 billion, a 113% increase year-over-year.
This would mark Nvidia’s fifth consecutive quarter of triple-digit growth, reinforcing the strong performance of the tech sector, particularly as the Federal Reserve is anticipated to lower interest rates in September.
Also Read: Telegram Founder Pavel Durov Unlikely To Be Released In August, Crypto Bettors Predict
Why It Matters: Sharing his perspective on Bitcoin's current status and its potential future, Anthony Scaramucci, the founder of SkyBridge Capital said he does not see Bitcoin as a store of value today, but an early-adopting technology.
While acknowledging Bitcoin’s potential to evolve into a store of value, Scaramucci pointed out the significant regulatory challenges it faces.
“You've had a lot of things going on with Bitcoin as it relates to [its] regulatory headwinds,” he added, highlighting the uncertainties that continue to cloud its path forward.
Scaramucci also expressed his disapproval of certain market trends, particularly the rise of meme coins like Grimace Coin.
He said, “The Grimace Coin thing is not something I'm a fan of. I have to totally understand why the SEC (U.S. Securities and Exchange Commission) wouldn't like that.”
Scaramucci emphasized the need to focus on the positive developments in the cryptocurrency space, such as the advancements in Bitcoin’s payment systems and other Layer-1 technologies that have the potential to drive economic progress.
Looking ahead, Scaramucci is optimistic about Bitcoin's broader acceptance, especially as financial advisors and registered investment advisors begin to advocate for its inclusion in investment portfolios.
“Wall Street is a selling machine and they haven't even amped up that selling machine yet,” he observed. “But just imagine tens of thousands of FAs (financial advisors) and RIAs out there explaining to people they need a position like this in their portfolio. So it's coming.”
In a note shared with Benzinga, Alvin Kan, COO, Bitget Wallet said the current overall economic environment is still in a high interest rate state, and Bitcoin's price breakthrough can only be achieved after the Federal Reserve starts to cut interest rates and the market is fully active.
“With the increase in capital inflows, the mainstream recognition of Bitcoin is also increasing, further promoting its status as an investment asset,” Kan said.
What’s Next: As the digital assets landscape continues to shift, events like Benzinga's Future of Digital Assets on Nov. 19 will be crucial in bringing together industry leaders, investors, and regulators to discuss the challenges and opportunities ahead.
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