Bitcoin, Ethereum, Dogecoin Drop in Price Ahead of Jerome Powell's Speech

Leading cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, dropped in price on Monday as investors awaited Federal Reserve Chair Jerome Powell's speech on potential interest rate cuts.

Major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, experienced price decreases on Monday, with investors awaiting Federal Reserve Chair Jerome Powell's speech on potential interest rate cuts.

Bitcoin, being the leading cryptocurrency by market capitalization, showcased strong momentum throughout September. However, on Monday, the coin faced a slight dip, dropping from an earlier high of over $66,000 to $64,247 overnight.

Despite this decrease, Bitcoin managed to gain 8.90% in September, which is significant compared to its historical average loss of 3.47% during the ninth month of the year. This rally was largely driven by the Fed's 0.5% rate cut earlier this month.

This price movement is being closely watched by investors, as it could provide valuable insight into how interest rate cuts might impact cryptocurrency prices in the future.

Meanwhile, Ethereum, the second-largest cryptocurrency by market cap, also experienced price fluctuations on Monday. Large investors were observed moving around $45 million worth of ETH, which sparked some concerns among traders.

As of now, Ethereum trades at $2,620, showcasing a 1.88% decrease in price over the last 24 hours.

On the other hand, Dogecoin experienced a more substantial drop, decreasing by 6.37% over the past 24 hours, reaching a price of $0.1211, as reported by CoinMarketCap. This bearish sentiment and increased short positions impacted Dogecoin's price negatively.

However, despite these price fluctuations, Dogecoin's popularity remains largely due to its dedicated community, which continues to drive the coin's presence in the crypto market.

The total cryptocurrency market cap now stands at $2.29 trillion, indicating a 0.77% decrease over the past 24 hours.

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