Bitcoin (BTC) retreated beneath the $64,000 threshold during Asian trading hours on Monday, relinquishing its earlier 5% gain that had been fueled by favorable remarks from the Jackson Hole symposium. On Friday, U.S. Federal Reserve Chairman Jerome Powell indicated that a cycle of monetary easing is slated to commence next month, a development that has tempered concerns surrounding risk assets as the prospect of inexpensive capital injected buoyancy into the markets.

Key cryptocurrencies saw a surge through Saturday but experienced marginal declines over the past 24 hours. Ether (ETH) hovered just above $2,700, while Solana’s SOL and XRP traded at $158 and $0.58, respectively. Conversely, Tron’s TRX appreciated by 3%, driven by an ongoing memecoin mania that continues to stimulate demand for the token.

The CoinDesk 20 (CD20), an index comprising the 20 most liquid and capitalized tokens, registered a slight dip, down 0.44%. Market participants anticipate the ongoing rally to sustain momentum in the coming months.

“With inflation largely subdued, the market’s gaze will likely shift to the labor sector and the Fed’s ability to orchestrate a soft landing for the U.S. economy,” stated Lucy Hu, senior analyst at Metalpha, in a Telegram message to CoinDesk on Monday. “We foresee a continued uplift in market sentiment over the next few months as interest rate reductions loom, economic stabilization progresses, and potentially favorable crypto policies emerge should Trump secure re-election.”

AI Tokens Surge Ahead of Nvidia’s Earnings

Artificial Intelligence tokens dominated the market on Monday, as Asian traders funneled capital into FET, the token representing the ‘Artificial Superintelligence Alliance,’ and Bittensor (TAO). This influx into AI-centric tokens occurs in anticipation of Nvidia’s (NVDA) highly awaited earnings report, set for release on August 28.

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As of early afternoon in Hong Kong, FET had surged by 8.8%, while TAO saw a 4.7% uptick. Historically, Nvidia has served as a bellwether for the burgeoning AI token sector, with market participants typically bidding up tokens in the lead-up to the company’s earnings announcements.

Analysts surveyed by FactSet are forecasting a blockbuster quarter for Nvidia, with earnings per share projected at 65 cents—a staggering 141% year-over-year increase. Revenue is expected to soar to $28.72 billion, marking a 113% rise. This quarter would represent Nvidia’s fifth consecutive period of triple-digit growth, with the technology sector poised for strong performance throughout the remainder of the year, particularly as the Federal Reserve is likely to implement rate cuts in September.