Bitcoin (BTC) price After the last attempt to rise, it started its expected decline and the price fell to $58,000. Investors are not surprised because it is a repeat of the scenario we have been experiencing for months. However, such continuous failures weaken the faith in the market. Investors’ risk appetite is negatively affected.
QCP Capital Crypto Review
Powell said interest rate cuts and DXY It has fallen to a 52-week low. Risk markets are positive, but crypto is diverging negatively in this process. Although it seems to be pricing in major bad news, we have not seen any major events that will fill the gap below the recent decline. So what? QCP analysts what is he thinking? A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
In their recent assessment today, they wrote the following;
“Powell was decidedly dovish during Jackson Hole, stating that it was ‘time’ to cut interest rates to prevent the market from cooling too much.
Last week’s -800K payrolls revision increased this risk. We believe the Fed’s reaction function is now more likely to prevent a labor market crash and the bar for a 50bp cut in September is much lower.
The market is currently pricing in 4 cuts in 2024 even though there are only 3 meetings left.
US stocks are resilient, nearing recent highs. However, given the declining trading volumes and today’s NVDA gains, we remain cautious that US stocks could top out here again. NVDA options are pricing in a 10% upside tonight.
We believe any decline in stocks (and crypto) will be short-lived. With Powell and the Fed ready to start a rate cutting cycle, increased liquidity will eventually push risk assets higher. We are finally on the verge of a rate cutting cycle.
“The point is not to time the market, but to time the market. Given the crosswinds we are currently facing, it is difficult to time the next rally. We prefer products that provide both yield and some upside flexibility to take advantage of the move when it happens.”
This Week in Cryptocurrencies
After US markets close in the evening NVIDIA earnings report future. AI tokens The next few days may be active with this report and the potential for positive divergence continues. US growth figures will be released on Thursday. A surprise low number here will revive recession concerns and negatively affect risk markets.
Friday PCE We will close both August and the week with data. Investors should not overlook the risk of high volatility in the coming days.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
