The odds of a higher-than-expected 50-basis point Federal Reserve rate cut have now skyrocketed to 55% on the popular cryptocurrency-powered betting site Polymarket. 

The Fed's much-anticipated two-day meeting is going to get underway as soon as this Tuesday. 

Despite the rapidly rising probability of an aggressive Fed rate cut, which would be beneficial for risk-on assets, the price of Bitcoin remains under bearish pressure. 

The leading cryptocurrency is currently changing hands at $59,071, according to CoinGecko.  

The Fed started an extensive hiking cycle in March 2022, implementing a total of 11 hikes. The central bank eventually brought the interest rate to the highest level in more than two decades. 

Sean McNulty of Arbelos Markets told Bloomberg that market participants should pay close attention to what Federal Reserve Chair Jerome Powell is going to say during the upcoming press conference. If Powell strikes a decisively dovish tone, this could push the price of Bitcoin higher, according to McNulty. 

There are also other important central bank meetings that are slated to take place this week. The Bank of Japan, for instance, will announce its most recent rate decision on Tuesday.