Bitcoin has dropped to $58,000 as the market faces a split expectation regarding a potential rate cut by the Federal Reserve. According to Marc Chandler, chief market strategist at Bannockburn Global Forex, it is rare for the market to enter a Fed meeting with such high uncertainty, fluctuating between 25bps and 50bps rate cuts.
This uncertainty is contributing to price instability in the cryptocurrency market, reflecting broader concerns about the Fed's next moves.
