According to ChainCatcher, QCP Capital, a Singapore-based crypto investment firm, said in a statement that the cryptocurrency market is facing some pressure due to the following reasons:
The NFP data surprised the market: Treasury yields have risen to recent highs as market expectations for rate cuts in July and September have weakened;
Macron calls for quick French elections: EURUSD moves lower amid heightened geopolitical risks in the EU, which is driving a stronger dollar and general risk aversion;
The market is in risk-off mode ahead of tomorrow’s CPI and FOMC meeting. This month’s FOMC meeting will also release the Dot Plot, which will inform the market how many rate cuts the Fed expects to make in the rest of 2024;
Yesterday, $64 million of funds flowed out of BTC ETFs, likely as traders reduced risk ahead of tomorrow's events.
QCP Capital believes that despite the resistance in the short term, this may be a good opportunity to accumulate cryptocurrencies. Possible positive events in the future, such as the final launch of the ETH spot ETF and the verbal arms race between Biden and Trump to win the cryptocurrency vote, are worth looking forward to.
It recommends buying BTC spot at a 13% discount ($58,000) when the BTC spot price is below $74,000.
