QCP Capital: US Data Will Reawaken the Bitcoin Bull!
Cryptocurrency trading firm QCP Capital has published an updated report on the cryptocurrency market.
QCP Capital shared a report on the cryptocurrency market and the statements from the USA on May 2. The report mentioned that the "dovish" tone of statements coming from the US Federal Reserve (FED) gave positive signals for risk assets.
Analysts stated that the FED's statements could push the dollar index (DXY) into a downward movement and that this would give risk assets, including cryptocurrency markets, a breather, implying that we may see the bull market mobilize again:
At the FOMC, Powell said the Fed was not considering raising interest rates and announced a slowing of Quantitative Tightening (QT) from $60 billion to $25 billion per month. Both the FOMC and QRA were more dovish than expected. This could help end the dollar rally, which is positive for risky assets. Will we see a resumption of the bull market?
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