Bitcoin Price Update and Market Trends Ahead of Federal Reserve's Decision

Bitcoin Price Trends and Market Reactions

Bitcoin prices (BTC) fell over 2% on Monday and were trading at $58,826.93 around 1 pm IST ahead of the Federal Reserve's rate-setting committee meeting, which starts on Tuesday. Major altcoins like Ethereum (ETH), Tether, BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Avalanche, and Shiba Inu were trading with up to 5% losses.

Market Sentiment Before the Rate Decision

BTC has been on a gaining spree for over a week, rising by more than 7%. However, Bitcoin's 3% drop to $58,271 comes amid investor uncertainty following the Trump assassination attempt, resulting in over $116M in liquidations.

With the US Federal Reserve's two-day meeting commencing Tuesday, markets are divided on whether to expect a 25 bps or 50 bps rate cut. This rate cut could be a positive development for the crypto market.

• Bitcoin has shown resilience, recovering from a low of $54,000 to currently trading at $58,000.
• The FBI released a report detailing global crypto scams, with the US losing over $4.8 billion.

Emerging Opportunities in Altcoins

Analysts predict potential recovery in the cryptocurrency market, suggesting that Solana (SOL) and Rexas Finance (RXS) could capitalize on favorable market conditions. Investors are advised to exercise caution and engage with trusted platforms to avoid scams.