Bitcoin (BTC) and Ethereum (ETH) prices took a bottoming kick in the head following another assassination attempt on former President Donald Trump. This awful incident, trumped by the anticipation of the interest rate cut decision by the Federal Open Market Committee (FOMC) in view, has sent jitters through the crypto market.
Two assassination attempts in 60 days on a former President & the Republican nominee is unacceptable. The Secret Service must come to Congress tomorrow, tell us what resources are needed to expand the protective perimeter, & lets allocate it in a bipartisan vote the same day.
â Ro Khanna (@RoKhanna) September 16, 2024
BTC and ETH Prices Took the Hit, Firsthand
On September 15, 2024, gunshots were reported near Trump while he was playing golf in Florida. Thankfully, he was not hurt, but the news caused concern in the markets. This was the second attempt to harm him this year, which has increased security concerns and political tension in the US.
Former president Donald Trump is safe after what the FBI is investigating as an apparent assassination attempt against him in Florida. https://t.co/UfndDgWPW8 pic.twitter.com/zqHMstM5HA
â Financial Times (@FT) September 15, 2024
The FBI has since opened an investigation into this event, allegedly tagging it as an âattempted assassination,â Messi personality Collin Rugg revealed.
JUST IN: The Trump assas*ination suspect was hiding in the bushes with an AK-47 with a scope, two backpacks, and a GoPro.The Secret Service agents were one hole ahead of Trump, scoping out the area when they noticed the suspect.The FBI is now investigating the incident as an⊠pic.twitter.com/Makr1NLupZ
â Collin Rugg (@CollinRugg) September 15, 2024
Bitcoinâs price bottomed by over 2.1%, going from $60,000 to $58,857.47. Ethereum dipped by more than 5%, from $2,420 to $2,297.78. These sudden falls show how sensitive the crypto market is to important events. Over the past 24 hours, Bitcoinâs market capitalization crashed by about $20 billion, while Ethereumâs market cap shrank by about $10 billion.
Interest Rate Cuts In viewÂ
The upcoming FOMC meeting is also causing uncertainty. Economists think interest rates might be cut by 25 to 50 basis points, which could affect the crypto market. These cuts have had different effects on cryptocurrencies in the past. For example, in December 2018, a rate hike led to a 10% drop in Bitcoin prices over a week.
With Bitcoinâs market cap currently at $1.1 trillion and Ethereumâs at $270 billion, even small percentage changes can result in big-time financial shifts.
Multiple mixed reactions have been pouring in on X, especially on these developments. A crypto analyst commented, âThe market is extremely sensitive right now. Any major news, especially involving high-profile figures like Trump, can cause significant fluctuations.â Another expert added, âThe FOMCâs decision will be a turning point. If the rates are cut, we might see a temporary relief rally in the crypto market.âÂ
Equally, the 56th Speaker of the House, Mike Johnson, lent his voice condemning the dastardly act and saying, âGetting answers to how President Trump has now faced multiple assassination attempts is a top priority.â
Prime Minister of Hungary Viktor OrbĂĄn was caught saying on X, âIt is clear that President Trumpâs life is in danger until his victoryâŠâ
It is clear that President Trumpâs life is in danger, until his victory. We are praying for you, Mr. President!@realDonaldTrump
â OrbĂĄn Viktor (@PM_ViktorOrban) September 16, 2024
Meanwhile, per a survey by CryptoCompare, 65% of traders believe that the FOMCâs decision will have a positive impact on crypto prices if rates are cut.
The post Bitcoin, Ethereum Prices Shaken by Another Trump Assassination Attempt and Lurking FOMC Rate Cut appeared first on Coinfomania.
