QCP Capital Said to the Sellers in Bitcoin, But the Price Didn't Fall: The Flight with the USA is at the Door!

Cryptocurrency analysis firm QCP Capital has published an updated report on the cryptocurrency market.

QCP Capital shed light on the cryptocurrency market in its report dated July 10. The report stated that despite the sale of more than 6,000 Bitcoins by Germany and the ultimate threat from Mt Gox, Bitcoin formed a double bottom and did not fall below the 54 thousand level.

Powell hints at rate cut

However, it was stated that the possible weak CPI data on Thursday, July 11 will increase the possibility of an interest rate cut by the FED and this will have a positive impact on the market.

It was stated that the clarity statements regarding the interest rate cut made by US Federal Reserve (FED) Chairman Jerome Powell the other day may have a positive impact on the market.

Jerome Powell stated on July 9 that the central bank was focusing on reducing interest rates as inflation fell again and the labor market showed signs of cooling.

QCP Captal said SEC approval could come in the next week or two, citing the flurry of spot Ethereum ETF filings.

According to CoinGecko data, Bitcoin, which has increased by 1.4% in the last 24 hours, is traded at 58 thousand dollars at the time of writing.

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