Bitcoin, Ethereum Prices Shaken by Another Trump Assassination Attempt and Lurking FOMC Rate Cut

Bitcoin (BTC) and Ethereum (ETH) prices took a bottoming kick in the head following another assassination attempt on former President Donald Trump. This awful incident, trumped by the anticipation of the interest rate cut decision by the Federal Open Market Committee (FOMC) in view, has sent jitters through the crypto market.

Two assassination attempts in 60 days on a former President & the Republican nominee is unacceptable. The Secret Service must come to Congress tomorrow, tell us what resources are needed to expand the protective perimeter, & lets allocate it in a bipartisan vote the same day.

— Ro Khanna (@RoKhanna) September 16, 2024

BTC and ETH Prices Took the Hit, Firsthand

On September 15, 2024, gunshots were reported near Trump while he was playing golf in Florida. Thankfully, he was not hurt, but the news caused concern in the markets. This was the second attempt to harm him this year, which has increased security concerns and political tension in the US.

Former president Donald Trump is safe after what the FBI is investigating as an apparent assassination attempt against him in Florida. https://t.co/UfndDgWPW8 pic.twitter.com/zqHMstM5HA

— Financial Times (@FT) September 15, 2024

The FBI has since opened an investigation into this event, allegedly tagging it as an “attempted assassination,” Messi personality Collin Rugg revealed.

JUST IN: The Trump assas*ination suspect was hiding in the bushes with an AK-47 with a scope, two backpacks, and a GoPro.

The Secret Service agents were one hole ahead of Trump, scoping out the area when they noticed the suspect.

The FBI is now investigating the incident as an… pic.twitter.com/Makr1NLupZ

— Collin Rugg (@CollinRugg) September 15, 2024

Bitcoin’s price bottomed by over 2.1%, going from $60,000 to $58,857.47. Ethereum dipped by more than 5%, from $2,420 to $2,297.78. These sudden falls show how sensitive the crypto market is to important events. Over the past 24 hours, Bitcoin’s market capitalization crashed by about $20 billion, while Ethereum’s market cap shrank by about $10 billion.

Interest Rate Cuts In view 

The upcoming FOMC meeting is also causing uncertainty. Economists think interest rates might be cut by 25 to 50 basis points, which could affect the crypto market. These cuts have had different effects on cryptocurrencies in the past. For example, in December 2018, a rate hike led to a 10% drop in Bitcoin prices over a week.

With Bitcoin’s market cap currently at $1.1 trillion and Ethereum’s at $270 billion, even small percentage changes can result in big-time financial shifts.

Multiple mixed reactions have been pouring in on X, especially on these developments. A crypto analyst commented, “The market is extremely sensitive right now. Any major news, especially involving high-profile figures like Trump, can cause significant fluctuations.” Another expert added, “The FOMC’s decision will be a turning point. If the rates are cut, we might see a temporary relief rally in the crypto market.” 

Equally, the 56th Speaker of the House, Mike Johnson, lent his voice condemning the dastardly act and saying, “Getting answers to how President Trump has now faced multiple assassination attempts is a top priority.”

Prime Minister of Hungary Viktor Orbán was caught saying on X, “It is clear that President Trump’s life is in danger until his victory…”

It is clear that President Trump’s life is in danger, until his victory. We are praying for you, Mr. President!@realDonaldTrump

— Orbán Viktor (@PM_ViktorOrban) September 16, 2024

Meanwhile, per a survey by CryptoCompare, 65% of traders believe that the FOMC’s decision will have a positive impact on crypto prices if rates are cut.