Bitcoin Falls, Ethereum and XRP Rise. Kanye's YZY Coin Stokes Crypto Regulation Debate. — Barrons.com

By George Glover

Bitcoin was edging lower on Thursday, although other cryptos were picking up gains as investors tried to figure out the Federal Reserve's next move.

The world's largest token was down 0.2% to $113,858 over the past 24 hours, according to data from CoinDesk. It's now trading 9% off the record high it hit last week.

Ethereum was up 2.7%, Solana was up 3.5%, and XRP was up 1.2% over the past 24 hours, per data from the crypto exchange Kraken.

Digital-asset prices have soared this year thanks to a slew of positive regulatory developments, but they have lost some steam over the past week after wholesale inflation data came in a little hotter than expected.

Fed chair Jerome Powell's Friday speech at the Jackson Hole Economic Symposium on Friday is a likely crunch point for cryptos. If Powell signals a flurry of interest-rate cuts are coming, that ought to reignite the rally. When borrowing costs fall, cryptos tend to get a boost because they are more appealing compared with lower-yielding assets such bonds or cash.

There's also a new meme coin for crypto investors to trade. Rapper Kanye West, who now goes by the name Ye, said in a post on X late Wednesday that he was launching a new cryptocurrency called YZY Money, which will trade on the Solana blockchain. The token's launch comes at a time when lawmakers are looking at how to regulate altcoins and questions about its legitimacy will add fuel to the debate.

Write to George Glover at george.glover@dowjones.com

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