In a recent post, Singaporean crypto investment firm QCP Capital pointed out some pressures facing the cryptocurrency market for the following reasons:
Unexpected NFP data: Market expectations for rate cuts in July and September have diminished, leading to a rise in US Treasury yields to recent highs.
Macron calls for quick elections in France: Geopolitical risks in the EU have intensified, causing the EURUSD exchange rate to drop, driving a stronger US dollar and a general risk-off sentiment.
The market is in a risk-off mode ahead of tomorrow’s CPI and FOMC meeting. This month’s FOMC meeting will also release the Dot Plot, informing the market of the Fed’s expected number of rate cuts remaining in 2024.
Yesterday, $64 million flowed out of Bitcoin and Ethereum, possibly due to traders reducing risks ahead of events tomorrow.
QCP Capital believes that despite short-term resistance, this could be a good opportunity to accumulate cryptocurrencies. Positive events in the future, such as the launch of an ETH spot ETF and a verbal arms race between Biden and Trump to win crypto votes, are worth looking forward to.
They recommend buying BTC spot at a 13% discount ($58,000) when the spot price is below $74,000.
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Ethereum
Bitcoin
Source link: https://t.me/QCPbroadcast/1243
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