$BTC Holds Above $58K as Odds of Big Fed Rate Cuts Jump to 67% - CoinDesk Analytics

Bitcoin (BTC) and broader crypto markets saw little change in the past 24 hours as traders await the Federal Open Market Committee (FOMC) meeting on Wednesday, where officials are expected to announce the first rate cuts in four years. Bitcoin is trading at $58,480, with the CoinDesk 20 up slightly to over 1,800. Daily inflows into bitcoin ETFs reached $12.9 million, primarily to BlackRock’s IBIT.

The Fed is expected to cut rates on Sept. 18, kicking off an easing cycle. Traders see a 67% probability of a 50 bps rate cut to 4.7%-5%. On Polymarket, traders give a 57% chance of a 50+ bps decrease and 41% for a 25 bps cut.

Elsewhere, notable movers include XRP (+3.5%), SUI (+2.5%), and FTM (+10.5%). World Liberty Financial announced a governance token launch, while Figure Markets launched an exchange offering up to 8% returns through real estate-backed yield.