Bitcoin Slips to $58K as Fed Faces Split Rate Cut Expectations

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

The Fed faces split rate cut expectations as markets price in 50% probability for both 25 bps and 50 bps move this Wednesday.The coming week is shaping up to be that rare one when markets are left guessing about the Federal Reserve's impending interest rate move. The peak uncertainty seems to have put brakes on bitcoin's

Traders, however, are split on the size of the impending rate cut, setting the stage for a potential volatility explosion in financial markets after Wednesday's rate decision. At press time, the Fed funds futures showed a 50% chance of the Fed reducing rates by 25 basis points to the 5%-5.25% range. At the same time, markets saw a similar probability of a bigger 50 bps rate cut to the 4.7%-5% range.

"Rarely has the market gone into the Fed meeting with maximum uncertainty ," Marc Chandler, chief market strategist at Bannockburn Global Forex and author of"Making Sense of the Dollar," told CoinDesk in an email.

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