Bitcoin Holds Above $58K as Odds of Major Fed Rate Cut Jump to 67%
Bitcoin remains steady around $58,480, with minor movements in other cryptocurrencies such as XRP, SUI, and FTM.
The market is anticipating a potential interest rate cut by the Federal Reserve on September 18, which should positively influence risk assets, with a 67% probability of a 50 bps rate cut.
Former President Donald Trump’s associated project, World Liberty Financial, announced the launch of a governance token exclusively for accredited investors in the United States.
Bitcoin {{BTC}} and the broader crypto markets have been little changed over the past 24 hours as investors await a Federal Open Market Committee (FOMC) meeting on Wednesday, where officials are expected to announce their first rate cuts in four years.
Bitcoin is trading below $58,500 at $58,480 and is relatively stable. The CoinDesk 20 (CD20), a measure of the largest digital assets, is rising slightly, trading above 1,800.
Daily inflows into bitcoin exchange-traded funds (ETFs) reached $12.9 million, with the majority going into BlackRock’s IBIT.
The Fed is widely expected to announce a rate cut on Sept. 18, kicking off the so-called easing cycle that has historically supported risk assets, including bitcoin.
