Analyst: CME Futures Traders Add to Short Bitcoin Positions Ahead of Fed Rate Cut Decision

Chicago Mercantile Exchange (CME) bitcoin futures traders added to their short positions ahead of today's Federal Reserve interest rate decision, signaling caution in the market, K33 analyst David Zimmerman said, according to The Block.

The Fed is widely expected to cut its benchmark interest rate this week, with interest rate traders predicting that the Fed will cut rates by 50 basis points at Wednesday's Federal Open Market Committee (FOMC) meeting, according to the report.