Bitcoin pulls back ahead of likely Fed rate cut

Bitcoin has sunk under $59,000 after spending much of the weekend above the $60,000 mark. BTC traded around $58,550 in European morning, down 2.4% in 24 hours at the start of a week in which traders around the world expect the Federal Reserve to make its first interest rate cut in more than four years. The broader digital asset market, as measured by the CoinDesk 20 Index (CD20), is 3.6% lower. Crypto markets were supported on Friday by favorable economic data from the US, which sparked a short-term rally. Bitcoin ETFs saw inflows of more than $263 million, the most since July 22, while ether equivalents added about $1.5 million.