Bitcoin Dips Below $60,000 as This Week’s Fed Decision Looms — TradingView News

As we approach the pivotal Federal Reserve interest rate update, the crypto market holds its breath in anticipation. The essential question on everyone’s mind: will it be a 25 or 50 basis point adjustment?

• Bitcoin’s valuation dropped below the $60,000 threshold on Monday morning, after it was unable to sustain its weekend surge. The upcoming week has traders anxious, especially with the Federal Reserve’s interest rate announcement looming on Wednesday. The pressing question remains: will there be an adjustment of 25 or 50 basis points?
• The Federal Reserve is set to determine the extent of the interest rate reduction, a decision that is expected to cause ripples not just within the crypto market but across global financial markets. Traders ponder whether a modest 25 basis point cut or a more substantial 50 basis point reduction will occur. Given Bitcoin’s growing correlation with wider economic indicators, it’s crucial for investors to brace their portfolios for potential market fluctuations as the rate decision approaches.
• Examining the ETF market, we observe a significant push towards Bitcoin spot exchange-traded funds (ETFs). On Friday alone, the 11 existing spot BTC ETFs saw a substantial addition of $263 million in net inflows, with BlackRock’s ETF garnering a hefty $102 million. Meanwhile, Ethereum’s ETFs witnessed a modest increase of $1.5 million. The week ended with Ethereum’s price surging to $2,400, but it subsequently retracted to below $2,300 by early Monday.