Bitcoin price today: Steady at $58k, Trump crypto project brings little cheer

Bitcoin’s price fell slightly on Tuesday with focus remaining on an upcoming Federal Reserve meeting where the central bank is widely expected to cut interest rates. 

Crypto prices were little enthused by the release of more details on an upcoming project by Republican presidential candidate Donald Trump, which appears to be a banking or exchange platform. 

Bitcoin fell 0.1% to $58,291.4 by 00:48 ET (04:48 GMT). The token remained squarely within a $50,000 to $60,000 trading range seen through most of the year. Trump unveils more details on crypto project 

The team behind World Liberty Financial- an upcoming crypto project backed by the Trump family- unveiled some key details on the project during a launch event on X on Monday evening. 

The project appears to be a crypto banking and exchange 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. About 20% of the tokens will be reserved for the founders, 17% will be reserved for rewards, and 63% of the float will be released to the public. 

Trump spoke briefly during the event, which was hosted on X. He reiterated plans to make America the “crypto capital” of the world, but gave scant details on said plans.

Trump has campaigned on a largely pro-crypto stance for the 2024 presidential election race. But he was seen lagging Democratic candidate Kamala Harris after a fiery debate last week. 

Harris has so far given few details on her plans for crypto, but is expected to continue the Biden administration’s crackdown against the sector.  Crypto price today: Altcoins muted with Fed in focus 

Broader cryptocurrency prices moved in a tight range, with focus turning squarely to a Fed meeting this week.

World no.2 crypto Ether rose 0.3% to $2,287.91, while XRP added 3.4%. ADA , MATIC and SOL rose marginally. 

Among meme tokens, DOGE fell 0.9%. 

The Fed is widely expected to cut interest rates and signal an easing cycle when it concludes a two-day meeting on Wednesday . Traders were seen pricing in a greater chance that the Fed will cut rates by 50 basis points, up from prior expectations for a 25 bps cut. 

Lower rates bode well for crypto, given that they free up liquidity that can be deployed into speculative assets. But the sector saw little price action in anticipation of Wednesday’s decision.

Source: Investing.com