Bitcoin Price Decline

Bitcoin (BTC) dipped 2.7% over the past 24 hours, trading around $58,551 as investors assess the impact of the expected interest-rate cut by the U.S. Federal Reserve.

Bitcoin peaked at approximately $60,600 over the weekend but fell to about $58,551 by Monday at 1:20 AM EST, according to The Block’s price page. Ether also dropped 5.38%, trading at around $2,289.

The timing of these price declines aligns with reports of another assassination attempt on former U.S. President and current Republican presidential candidate, Donald Trump.

Min Jung, an analyst at Presto Research, stated, “While it is difficult to say that the price drop is directly related to the assassination attempt on Trump, the timing does coincide with a sharper move lower in crypto markets. However, we believe this is more likely due to crypto giving up gains seen on Friday, which were not mirrored in equities, and a broader risk-off movement ahead of the FOMC meeting.”

The next Federal Open Market Committee meeting is scheduled for Tuesday and Wednesday, with expectations of a rate-cut announcement.

Augustine Fan, head of insights at SOFA.org, noted, “The truth is that we are still at $58,000 and the bitcoin price hasn’t moved in two weeks except for brief spikes to $54,000 and $60,000, so all of this is really noise. The possible reason crypto rallied on Friday is due to a significant squeeze in SOFR futures (50 basis point cut) and the resulting equity rally, rather than anything specific to crypto. We are failing to carry that momentum into today’s session.”

Fan concluded, “The Trump assassination attempt is a non-factor for macro markets for now.”