Bitcoin falls to $58,000 as Fed grapples with split rate cut expectations

Traders, however, are divided on the size of the impending rate cut, setting the stage for a potential burst of volatility in financial markets after Wednesday’s rate decision. At the time of writing, Fed funds futures showed a 50% chance the Fed would cut rates by 25 basis points (bps) to a range of 5%-5.25%. At the same time, markets saw a similar probability of a higher rate cut of 50 bps to the range of 4.7%-5%.