QCP: Panic in Bitcoin and Ethereum Markets is Passing

According to Singapore-based cryptocurrency trading firm QCP, the level of panic in the market has started to decrease.

Bitcoin and Ethereum prices fell below $54,000 and $2,900, respectively, in Asian markets the other day. With the US markets taking action, Bitcoin rose above $ 55,000 again.

There was a brief panic

The decline in cryptocurrency markets is largely due to Mt. Gox and the actions taken by the German government.

German authorities sent tens of millions of dollars worth of Bitcoin to central cryptocurrency exchanges this week. It is estimated that these have been sold. Mt., which will distribute a total of approximately 140,000 Bitcoins to its creditors. Gox announced that it started payment transactions.

These two developments caused Bitcoin investors to panic. However, according to QCP, the level of panic in the market started to decrease in the past hours. Short-term volatility level for Bitcoin from 65 to below 50; In Ethereum, it dropped from 80 to 62.

In addition, QCP stated that US labor force data showed downward revisions for April and May, and stated that this confirmed Powell's disinflationary path and potentially interest rate cuts in September and December began to be priced as a higher possibility.