As the world's best investment manager and financial market journalist, I bring you the latest update on Bitcoin's price movement. Bitcoin saw a decline on Monday, reversing a weekend rebound, with all eyes on the upcoming Federal Reserve meeting where a rate cut is expected.
Cryptocurrency markets experienced losses following a second assassination attempt on Republican presidential candidate Donald Trump, who remains unharmed. Trump, known for his pro-crypto stance, has presented a platform supporting cryptocurrencies.
Bitcoin dropped 2.7% to $58,483.3, maintaining a trading range of $50,000 to $60,000 throughout the year. Trading volumes were subdued due to market holidays in Japan and South Korea.
Federal Reserve Meeting Impact on Bitcoin
The Fed is anticipated to announce a rate cut at the conclusion of its meeting on Wednesday, with markets divided on the magnitude of the potential cut. Traders are pricing in a 50% chance of a 25 or 50 basis point cut. Analysts predict a reduction of at least 100 bps by the end of the year, initiating an easing cycle that could benefit cryptocurrency markets.
Lower interest rates are favorable for cryptocurrencies due to their speculative nature, and they played a significant role in the crypto bull market of 2021. However, the crypto market has been facing reduced retail interest, with the launch of Bitcoin spot exchange-traded funds this year providing limited support.
Trump Unharmed After Assassination Attempt
Former President Trump, known for his pro-crypto stance, escaped unharmed after a second assassination attempt. Secret service agents engaged with the assailant at Trump's golf course in Florida, where the gunman was apprehended. The incident marks the second attempt on Trump's life, following a previous one in early July.
After the recent shooting incident, where Trump was defeated in a presidential debate against Kamala Harris, cryptocurrency prices fell in line with Bitcoin's decline.
Crypto Price Update: Altcoins Follow Bitcoin's Lead
Major altcoins also dropped alongside Bitcoin, lacking positive catalysts for the sector. Ethereum fell 5.6% to $2,281.39, while XRP, Litecoin, and Dogecoin experienced declines ranging from 0.5% to 5%. Meme token Shiba Inu lost 3.8% in value.
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