Bitcoin (BTC) Consolidates at $64K Before Next Push Higher

This article originally appeared in First Mover, CoinDesk's daily newsletter, putting the latest moves in crypto markets in context.

Bitcoin (BTC) hovered around $64,000 early Monday, having briefly hit $65,000 over the weekend.

The price advance came amid Federal Reserve Chair Jerome Powell's dovish remarks at the Federal Reserve Bank of Kansas City's annual Jackson Hole symposium.

On Friday, Powell signaled that an interest rate cut might be coming in September.

Solana (SOL) showed relative strength among crypto majors, adding 3% over the past 24 hours, shrugging off diminishing odds of a SOL-based spot ETF in the U.S.

The broad-market benchmark CoinDesk 20 advanced 0.6% during the same period.

The recovery of crypto prices was supported by a strong stablecoin expansion, with $1 billion of tokens minted at a 7-day average, 10x Research founder's Markus Thielen noted.

"Technically speaking, it’s looking more and more like we are in a bullish consolidation ahead of the next big push higher," Joel Kruger, market strategist at LMAX group said in a Monday report. "This would translate to bitcoin making fresh record highs and ETH breaking out to another yearly high on its way to challenge its own record high from 2021."

Toncoin Plummets on Telegram CEO Arrest

Toncoin (TON) plummeted following the weekend arrest of Telegram CEO Pavel Durov.

Durov's arrest stems from a warrant issued by France's OFIM, an office that works to prevent violence against minors, as part of a complaint into Telegram's lack of moderation and cooperation with law enforcement.

Telegram said in a statement that it is compliant with all EU laws.

TON was trading $5.6 early Monday, nearly 17% down since Durov's arrest. The network was originally started by Telegram before spinning out due to regulatory pressure.

Spot Bitcoin ETFs Booked $250 Million in Fresh Inflows on Powell's Remarks

Spot bitcoin exchange-traded funds (ETFs) booked $250 million in inflows on Friday, as traders reacted to remarks by Powell.

The inflows took place amid strong trading activity, with the eleven products notching up over $3 billion in trading volume, the highest in more than a month.

BlackRock's IBIT and Fidelity's FBTC led in inflows, while Grayscale's GBTC experienced outflows.

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