“Rarely has the market approached a Fed meeting with such maximum uncertainty,” noted Marc Chandler, chief market strategist at Bannockburn Global Forex. In his opinion, traders are currently divided into two equal camps – some expect a 25-basis point rate cut, while others are betting on a more significant 50-basis point reduction.

Bitcoin, which was previously trading above $60,000, has pulled back to $58,700 amid this uncertainty. Traders fear that a sharper rate cut could signal the Fed’s concern about the economy, which could negatively affect demand for risky assets, including cryptocurrencies.