Investing.com — Bitcoin fell on Monday, reversing a brief weekend bounce as attention turned to this week’s Federal Reserve meeting, where the central bank is likely to cut interest rates.
Cryptocurrency markets took some hits after a second assassination attempt on Republican presidential candidate Donald Trump on Sunday, although Trump was unharmed and the attacker was detained. Trump unveiled pro-crypto platform
fell 2.7% to $58,483.3 by 05:12 ET (09:12 GMT). The token remained squarely in the $50,000 to $60,000 trading range it has seen for most of the year.
Trading volume was slightly lower due to market holidays in Japan and South Korea.
Fed meeting expected, interest rate cut in focus
The Federal Reserve is widely expected to make such a decision after its two-day meeting ends on Wednesday, although markets are divided on the scale of a potential cut.
As has been shown, investors are pricing in a 50% probability of a 25 or 50 basis point cut.
However, the Federal Reserve is widely expected to begin an easing cycle this week, with analysts expecting the central bank to cut rates by at least 100 basis points by the end of the year.
Lower interest rates bode well for cryptocurrency markets, given their highly speculative nature. They were a key factor behind the cryptocurrency bull market in 2021.
However, the cryptocurrency market has struggled with a prolonged decline in retail interest over the past two years, and the launch of Bitcoin-based ETFs this year has provided only a circumscribed boost.
Trump Unharmed After Assassination Attempt – Reports
Former President Trump, who championed cryptocurrencies in his re-election bid, was unharmed after reports of a second attempt on his life on Sunday.
Secret Service agents exchanged gunfire with an assailant armed with a firearm at Trump’s golf course in Florida, from where the assailant fled and was eventually captured by authorities, media reported.
Trump himself was not at the scene and said he was unharmed.
The shooting came after Trump was wounded in the ear during an earlier assassination attempt at a Pennsylvania rally two months ago. Cryptocurrency prices surged after the July shooting on the assumption that it would boost his presidential chances.
Cryptocurrency price today: altcoins are falling
Amid broader cryptocurrency prices, major altcoins also fell alongside Bitcoin amid a lack of positive signals for the sector.
The world’s number 2 cryptocurrency fell 4.2% to $2,311.50, while the , , , and fell 0.4%-5%.
Among meme tokens, it lost 2.7%.
Ambar Warrick contributed to this report.
