#BTC Backed by interest rate cuts

Bitcoin fell slightly on Monday as the weekend rally ran out of steam, although growing optimism about interest rate cuts kept the cryptocurrency trading near a one-month high. Broader cryptocurrency prices also retreated after posting strong gains since Friday, after Federal Reserve Chairman Jerome Powell said the bank was preparing to cut interest rates. The weaker dollar, which fell to a 13-month low, also supported cryptocurrency prices. Bitcoin is down 0.5% to $63,676.3 at 10:10 Riyadh time, while Ethereum is down 0.76% at $2,733.9. The bearish sentiment in Bitcoin in recent days has been attributed by some to market turmoil and the growing strength of the Japanese yen, which has risen sharply on the back of monetary tightening by the Bank of Japan, which has hurt the yen carry trade that favors high-yield, riskier assets such as cryptocurrencies and stocks. Bitcoin is supported by interest rate cut bets The world’s largest cryptocurrency has risen sharply in the past two days after Powell’s comments, which indicated that an interest rate cut was imminent.