Bitcoin fell below $60,000 ahead of an expected first interest rate cut by the Federal Reserve in four years.

Lower borrowing costs have historically been a bullish factor for risk assets like cryptocurrencies.

Traders are currently pricing in a 63% chance of a 50 basis point cut, which could actually have the reverse effect of sending a signal of concern about the economy.

The Federal Open Market Committee announcement is scheduled for 2:00 p.m. Eastern Time. Ahead of the decision, BTC is trading around $59,766.

The broader digital asset market, as measured by the CD20 index, is down around 0.7%.

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