Bitcoin Consolidated Around $64K

CoinDesk 20 Index: 2,077 +0.3%Bitcoin (BTC): $63,982 −0.0%Ether (ETH): $2,745 −0.5%S&P 500: 5,634.61 +1.1%Gold: $2,557 +1.9%Nikkei 225: 38,110 -0.7%

Bitcoin (BTC) rose 5% on Friday following Jackson Hole’s positive comments, but as of this morning, it has fallen back below the $64,000 level. US Federal Reserve Chairman Jerome Powell said on Friday that the easing cycle will begin next month, which will help dispel the negative sentiment surrounding risk assets. Major tokens, which had a nice bounce on Saturday, have recorded slight losses in the last 24 hours. Ether (ETH) is trading just above $2,700, while Solana’s SOL token and XRP are trading at $158 and 58 cents, respectively. Tron’s TRX is also up 3% amid the ongoing memecoin craze.

Messaging app Telegram has said it is fully compliant with European Union law and its content moderation practices are within “industry norms.” The company said in a statement: “Telegram complies with EU law, including the Digital Services Act – its moderation is within industry standards and is constantly improving.” “Telegram’s CEO Pavel Durov has nothing to hide and travels frequently to Europe.” Toncoin (TON)’s losses slowed, falling 2.45% on the day, according to CoinDesk Indices data.

Spot bitcoin (BTC) exchange-traded funds (ETFs) listed in the US saw net inflows of over $252 million on Friday, as positive comments at the Jackson Hole symposium supported risk assets including bitcoin. The inflow was the highest since July 23. According to SoSoValue data, total trading volumes of the ETFs exceeded $3.12 billion. BlackRock’s IBIT led the ETFs with $1.2 billion in trading volume and $83 million in inflows. Fidelity’s FBTC followed with $64 million in inflows, while Bitwise’s BITB broke the $2 billion AUM mark for the first time, generating $42 million. Grayscale’s GBTC was the only product to see net outflows with $35 million.

As CoinShares’ James Butterfill reported, digital asset exchanges saw $533 million in inflows last week, the most in five weeks. Bitcoin, which attracted the most money at $543 million, saw most of the investment on Friday, while Ether funds saw net outflows of $36 million for the week.