Investing.com– Bitcoin’s price fell on Monday, reversing course after a short-lived weekend rebound, with focus squarely on a Federal Reserve meeting this week where the central bank is expected to cut interest rates.
Cryptocurrency markets saw some losses after a second assassination attempt on Republican presidential candidate Donald Trump on Sunday, although Trump was unharmed and the assailant was apprehended. Trump has presented a pro-crypto platform.
Bitcoin fell 2.7% to $58,483.3 by 00:36 ET (04:36 GMT). The token remained squarely within a $50,000 to $60,000 trading range seen through most of the year.
Trading volumes were somewhat muted on account of market holidays in Japan and South Korea.
Fed meeting awaited, rate cut in focus
The Fed is widely expected to cut interest rates at the conclusion of a two-day meeting on Wednesday, although markets are split over the scale of the potential cut.
Traders are pricing in a 50% chance of a 25 or 50 basis point cut, CME Fedwatch showed.
But the Fed is still widely expected to kick off an easing cycle this week, which analysts expect to reduce rates by at least 100 bps by the end of the year.
Lower rates bode well for cryptocurrency markets, given their highly speculative nature. They were the key factor behind a crypto bull market in 2021.
But the crypto market has been grappling with an extended downturn in retail interest over the past two years, with the launch of spot exchange-traded funds for Bitcoin this year providing only a limited boost.
Trump unharmed after assassination attempt
Former president Trump, who has presented a pro-crypto stance in his reelection bid, was unharmed after reports of a second attempt on his life on Sunday.
Secret service agents exchanged shots with a gunman at Trump’s golf course in Florida, from where the assailant fled and was eventually caught by authorities.
Trump himself was far from the shooting and said he was unharmed.
The shooting is the second attempt on the former president’s life after an attempt in early-July. Crypto prices had risen sharply after the July shooting, on bets that it would improve his presidential prospects.
But this time, Trump was nursing a defeat against Democratic presidential candidate Kamala Harris in a presidential debate held last week.
Crypto price today: altcoins fall tracking Bitcoin
Among broader cryptocurrency prices, major altcoins also fell in tandem with Bitcoin, amid a dearth of positive cues for the sector.
World no.2 crypto Ether fell 5.6% to $2,281.39, while SOL, MATIC, ADA and XRP fell between 0.5% and 5%.
Among meme tokens, DOGE lost 3.8%.
