Jamie Crawley is a CoinDesk news reporter based in London.
BTC traded around $58,550 in the European morning, a drop of 2.4% over 24 hours at the start of a week in which traders worldwide expect the Federal Reserve to make its first interest-rate cut in more than four years. The broader digital asset market as measured by the CoinDesk 20 Index is 3.6% lower. Crypto markets were buoyed by favorable U.S. economic data on Friday, which sparked a short-term rally.
Traders, however, are split on the size of the cut, setting the stage for a potential volatility explosion in financial markets after the decision. At press time, the Fed funds futures showed a 41% chance of the Fed reducing rates by 25 basis points to the 5%-5.25% range and a 59% probability of a bigger 50 bps reduction to the 4.7%-5% range.
Its more recent bull market jump came after the Fed ceased increasing rates, since when BTC has trod water, seemingly awaiting the next rate-cutting cycle. SEC Places Heavier Scrutiny on Binance's Token Listing, Trading Process in Proposed Amended Complaintaward-winningin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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