Joe McCann, founder and CEO of hedge fund Asymmetric, said a 25-basis point or 50-basis point rate cut is a “coin flip” as the Federal Reserve prepares to lower interest rates from their current 24-year high of 5.5% on Wednesday, September 18th. This would be the first rate cut since March 2020. McCann added that recent media reports and statements from former Fed board members have influenced the market’s expectations for a 50-basis point cut.

McCann also suggested that a smaller 25-basis point cut could be detrimental to the cryptocurrency market. "I think if the Fed cuts 25 basis points, it would be very bad for the stock market, and crypto will likely follow," he said. "The reason is that the stock market is already at an all-time high assuming the Fed cuts 50 basis points. A 50 basis point cut would likely have a positive impact on risky assets like crypto."