Investing.com– Bitcoin fell slightly on Tuesday as attention focused on the upcoming Federal Reserve meeting, where the central bank is widely expected to cut interest rates.

Cryptocurrency prices have not been getting much excitement after more details were released about Republican presidential candidate Donald Trump’s upcoming project, which is likely to be a banking or stock exchange platform.

fell 0.1% to $58,291.4 by 00:48 ET (04:48 GMT). The token remained squarely in the $50,000 to $60,000 trading range it has seen for most of the year.

Trump reveals more details about crypto project

The team behind World Liberty Financial – a novel cryptocurrency project backed by the Trump family – revealed key details about the project during a launch event on Platform X on Monday evening.

The project appears to be a crypto banking and exchange platform, and will have its own native token – WLFI – that will be distributed to the founding team and made available for sale to the general public. Around 20% of the tokens will be reserved for the founders, 17% will be reserved for rewards, and 63% of the float will be released to the public.

Trump spoke briefly during the event, which was hosted on Channel X. He reiterated plans to make America the “crypto capital” of the world, but provided scant details about those plans.

Trump campaigned on a largely pro-crypto platform for the 2024 presidential race. But he was seen as falling behind Democratic candidate Kamala Harris after a heated debate last week.

Harris has not yet provided many details about her plans for cryptocurrencies, but the Biden administration is expected to continue its crackdown on the sector.

Cryptocurrency Price Today: Altcoins Muted, Fed in Focus

Cryptocurrency prices traded in a tight range as attention turned to this week’s Federal Reserve meeting.

The world’s No. 2 cryptocurrency rose 0.3% to $2,287.91, while gaining 3.4% and rising slightly.

Among meme tokens, the decline was 0.9%.

The Fed is widely expected to cut interest rates and signal an easing cycle when it ends . Traders were pricing in a higher probability that the Fed would cut rates by 50 basis points, compared with earlier expectations of a 25 basis point cut.

Lower interest rates bode well for cryptocurrencies as they free up liquidity that can be allocated to speculative assets. However, the sector saw little price action in anticipation of Wednesday’s decision.