Bitcoin (BTC) slid under the $64,000 level in Asian trading hours on Monday, following a brief rally after favorable comments at the Jackson Hole symposium. The flagship cryptocurrency saw a 5% bump on Friday after U.S. Federal Reserve Chairman Jerome Powell signaled the beginning of a monetary easing cycle next month, boosting risk assets with the lure of cheaper money.
Despite gains through Saturday, major tokens recorded slight losses over the past 24 hours. Ether (ETH) traded just above $2,700, while Solana (SOL) and XRP were priced at $158 and $0.58, respectively. Tron (TRX) bucked the trend with a 3% increase, driven by demand amid a continuing memecoin frenzy.
Market sentiment remains cautiously optimistic, with traders predicting the current rally could continue for the next few months. “As inflation is more or less under control now, the market focus will shift to the labor market and whether the Fed can deliver a soft landing for the U.S. economy,” Lucy Hu, senior analyst at Metalpha, “We expect sentiment to improve as rate cuts are anticipated, and potential crypto-friendly policies could emerge if Trump is elected.”
AI Tokens Surge Ahead of Nvidia Earnings
Artificial Intelligence (AI) tokens led the market gains on Monday, driven by investor anticipation of Nvidia’s upcoming earnings report on August 28. Tokens like Fetch.ai (FET) and Bittensor (TAO) saw significant interest in Asian markets, with FET rising 8.8% and TAO up 4.7% by early afternoon in Hong Kong.
Nvidia (NVDA) has become a bellwether for AI-related tokens, with markets historically edging higher in anticipation of its earnings reports. Analysts polled by FactSet are predicting a blockbuster performance this quarter, with expected earnings of $0.65 per share—an increase of 141% year-over-year—and revenue reaching $28.72 billion, up 113%. This would mark Nvidia’s fifth consecutive quarter of triple-digit growth, reinforcing optimism in the tech sector, particularly as the Fed’s anticipated rate cuts could bolster market performance in the coming months.
As the crypto market remains closely linked to broader tech trends, Nvidia’s strong earnings could further propel the AI token space, adding another layer of momentum to the ongoing rally.
