Investing.com — Bitcoin price fell slightly on Tuesday as attention turns to the upcoming Federal Reserve meeting, where the central bank is widely expected to cut interest rates.
Cryptocurrency prices were lukewarm on the release of more details about an upcoming project by Republican presidential candidate Donald Trump, which appears to be a banking or exchange platform.
At 00:48 ET (04:48 GMT), the cryptocurrency's price fell 0.1% to $58,291.4. The token remained within the $50,000-$60,000 trading range seen for most of the year.
Trump reveals more details about cryptocurrency project
The team behind World Liberty Financial, an upcoming cryptocurrency project backed by the Trump family, revealed some key details about the project during a launch event at X on Monday night.
The project appears to be a cryptocurrency exchange and banking platform, and will have its own native token, WLFI, which will be distributed among the founding team and released for sale to the general public. Around 20% of the tokens will be reserved for the founders, 17% will be reserved for rewards, and 63% of the free float will be released to the public.
Trump spoke briefly during the event, which was hosted on X. He reiterated plans to make the United States the “crypto capital” of the world but gave few details about those plans.
Trump has campaigned on a largely pro-cryptocurrency stance for the 2024 presidential election, but fell behind Democratic candidate Kamala Harris after a heated debate last week.
Harris has so far given few details about her plans for cryptocurrencies, but is expected to continue the Biden administration’s crackdown on the sector.
Cryptocurrency price today: Altcoins remain low with Fed in focus
Broader cryptocurrency prices moved within a narrow range, with attention focused squarely on this week's Fed meeting.
The world's No. 2 cryptocurrency rose 0.3% to $2,287.91, while adding 3.4% and rising marginally.
Among meme tokens, it fell by 0.9%.
The Fed is widely expected to cut interest rates and signal an easing cycle when a cycle ends. Traders saw a higher probability of the Fed cutting rates by 50 basis points, up from earlier expectations of a 25 basis point cut.
Lower rates bode well for cryptocurrencies, as they free up liquidity that can be invested in speculative assets. But the sector saw little price action in anticipation of Wednesday's decision.
