Bitcoin and ether dip after Friday rally amid rate-cut expectations, reports of Trump assassination attempt
Quick Take Bitcoin fell 2.7% over the past 24 hours to change hands at around $58,551. Ether slid 5.38% over the same time frame. The timing coincides with reports of another assassination attempt on former U.S. President Donald Trump. Additionally, many analysts are predicting an interest rate cut announcement this week.
Bitcoin BTC -2.27% dipped 2.7% over the past 24 hours to trade at around $58,551 as investors continue to weigh the potential impact of a widely expected interest-rate cut by the United States Federal Reserve.
Bitcoin reached a high of around $60,600 over the weekend before dropping to around $58,551 on Monday at 1:20 am EST, according to The Block’s price page . Ether slid 5.38% to change hands at around $2,289.
The timing of the price declines also coincides with reports of another assassination attempt on former U.S. President and current Republican presidential candidate Donald Trump.
“While it is difficult to say that the price drop is directly related to the assassination attempt on [Donald] Trump, the timing does coincide with a sharper move lower in crypto markets,” Min Jung, an analyst at Presto Research, told The Block. “However, we believe this is more likely due to crypto giving up the gains seen on Friday, which were not experienced by equities, and a broader risk-off movement ahead of the FOMC meeting,” Jung added.
The next Federal Open Market Committee meeting is scheduled for Tuesday and Wednesday, with investors and policymakers anticipating a rate-cut announcement.
“The truth is that we are still at $58,000 and [the bitcoin price] hasn’t moved in two weeks outside of a small break to $54,000 and $60,000, so all of this is really noise,” said Augustine Fan, head of insights at SOFA.org. “The possible reason crypto went up on Friday is due to the massive squeeze in SOFR futures (50 basis point cut) and resulting equity rally, rather than anything crypto-specific. We are failing to see a carry-through of that momentum in today’s session."
“The Trump assassination attempt is a non-factor for macro markets for now,” Fan said.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Democrats to destroy the data center boom? Goldman Sachs bucks the trend with an upgrade forecast!
Goldman Sachs has raised its forecast for US data center construction spending against the trend, increasing the 2026 projection from $67 billion to $80 billion and, for the first time, projecting $125 billion for 2028. Despite the market panic caused by Texas's moratorium, Goldman Sachs believes this is essentially a delay rather than a termination, and the overall construction cycle remains resilient. However, highly leveraged developers face substantial risks from rising financing costs and contract cancellations.
Chip Stocks Rebound Sharply: Time to Buy the Dip or Run for Safety?
Microsoft tightens AI computing power rentals! Reportedly gradually withdrawing from Oracle Cloud agreement, "new cloud" CoreWeave plunges
According to reports on Friday, Microsoft has gradually closed down its rented computing resources from Oracle in recent months because Oracle's servers are equipped with older-generation Nvidia chips, which do not meet Microsoft's technical specifications. Oracle's stock price turned negative, at one point dropping more than 5%. Oracle emphasized that demand for AI infrastructure remains strong, including demand for earlier-generation GPUs. On Thursday, it was reported that Microsoft is reconsidering its "New Cloud" partnership due to delivery delays and high costs.
Crypto prices
More
