Cryptocurrency prices decline; Ripple falls 2%

Cryptocurrency prices declined during Thursday's trading session, as markets awaited the start of the Jackson Hole Global Forum, which brings together central bank governors and finance ministers from all over the world. The three-day event starts today.

Bitcoin fell 0.25% to $113,766 at 11:45 a.m. Mecca time, accounting for approximately 58.7% of the total cryptocurrency market value.

Ethereum, the second-largest cryptocurrency by market capitalization, inched down 0.9% to $4,296.10, and Ripple dropped 2.2% to approximately $2.9053.

The global market capitalization of cryptocurrencies stands at $3.86 trillion, while the total trading volume over the past 24 hours reached $177.91 billion, according to CoinMarketCap data.

According to the FedWatch tool, expectations for a 25 basis point (bps) rate cut at the September meeting fell to 81.1% from 92.1% a week ago.