Amid anticipation of monetary policy decisions by major banks around the world this week, including the Federal Reserve, cryptocurrencies fell during early Monday trading, led by the largest currency, Bitcoin.
Bitcoin was down more than 2 percent at $58,515.16 at 0521 GMT, followed by Ethereum, down 3.5 percent at $2,291.93, while Ripple fell 1.93 percent to 57.23 cents.
The decline in the performance of cryptocurrencies, especially Bitcoin, comes despite expectations that the Federal Reserve will begin cutting interest rates during its meeting scheduled to be held this week, but the division of expectations regarding whether it will be cut by 25 basis points or 50 points negatively affects investor sentiment.
The CME FedWatch tool indicates that the probability of a cut has increased by 50 basis points to 59% from 50% a day ago and 30% a week ago, while the probability of a cut has decreased by 25 points to 41%.
