Bitcoin’s price declined on Monday, reversing its brief weekend rebound, as attention shifted to the upcoming Federal Reserve meeting this week, where the central bank is expected to announce an interest rate cut.
Cryptocurrency markets experienced some losses after a second assassination attempt on Republican presidential candidate Donald Trump on Sunday. Trump, who was unharmed, has been a vocal supporter of cryptocurrencies. The assailant was apprehended.
Bitcoin dropped 2.7% to $58,483.3 by 00:36 ET (04:36 GMT), remaining within the $50,000 to $60,000 trading range that has persisted throughout much of the year. Trading volumes were somewhat subdued due to market holidays in Japan and South Korea.
Fed Meeting in Focus, Rate Cut Anticipated
The Federal Reserve is expected to cut interest rates at the conclusion of its two-day meeting on Wednesday, though there is uncertainty regarding the extent of the cut. According to CME FedWatch, traders are pricing in a 50% chance of either a 25 or 50 basis point cut.
Nevertheless, the Fed is widely anticipated to begin an easing cycle this week, with analysts predicting rate reductions of at least 100 basis points by the end of the year. Lower interest rates tend to benefit cryptocurrency markets, given their speculative nature. A similar rate-cutting environment was a key factor behind the cryptocurrency bull market in 2021.
However, the crypto market has been struggling with declining retail interest over the past two years. The introduction of spot exchange-traded funds (ETFs) for Bitcoin earlier this year provided only a modest boost to the market.
Trump Unharmed After Assassination Attempt
Former President Donald Trump, who has adopted a pro-crypto stance in his reelection campaign, was unharmed after a second assassination attempt on Sunday.
Secret Service agents exchanged gunfire with an attacker at Trump’s golf course in Florida. The assailant fled the scene but was later apprehended by authorities. Trump was not near the shooting and confirmed he was unhurt.
This marks the second attempt on Trump’s life, following an earlier incident in July. After the July attack, crypto prices surged, with investors betting that the event would enhance his presidential prospects. However, this time, Trump is coming off a defeat in a presidential debate against Democratic candidate Kamala Harris, which may have impacted market sentiment.
Cryptocurrency Prices: Altcoins Fall in Tandem with Bitcoin
Broader cryptocurrency prices mirrored Bitcoin’s decline, with major altcoins dropping amid a lack of positive news for the sector.
Ethereum (Ether), the second-largest cryptocurrency, fell 5.6% to $2,281.39. Other altcoins like Solana (SOL), Polygon (MATIC), Cardano (ADA), and XRP saw declines ranging from 0.5% to 5%.
Among meme tokens, Dogecoin (DOGE) lost 3.8%.
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