Bitcoin Bitcoin
-2.16%
It fell 2.7% over the past 24 hours to trade at around $58,551 as investors continued to weigh the potential impact of a widely expected rate cut by the U.S. Federal Reserve.
Bitcoin fell to around $58,551 at 1:20 a.m. EST on Monday after hitting a high of around $60,600 over the weekend. Price page of the blockEther fell 5.38% to trade at around $2,289.
The timing of the price drop also coincides with reports of another assassination attempt on former U.S. President and current Republican presidential nominee Donald Trump.
“It’s hard to say that the price drop is directly related to the assassination attempt on (Donald) Trump, but it coincides with the sharp decline in the cryptocurrency market,” Min Jeong, an analyst at Presto Research, told The Block. “However, we think this is more likely due to cryptos giving up the gains they didn’t see in equities on Friday and a broader risk-off move ahead of the FOMC meeting,” Jeong added.
The next Federal Open Market Committee meeting is scheduled for Tuesday and Wednesday, and investors and policymakers expect a rate cut to be announced.
“The truth is, we’re still at $58,000 and it’s been flat for two weeks, except for a slight dip to $54,000 and $60,000, so all of this is essentially noise,” said Augustine Pan, director of insights at SOFA.org. “A possible reason for the rally in crypto on Friday is not crypto-specific, but rather the massive pressure on SOFR futures (50 basis points cut) and the subsequent rally in equities. We are seeing that momentum not carry over into today’s session.”
“The Trump assassination attempt won’t have any effect on the macro markets for now,” the fan said.
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