Cryptocurrency markets react to macroeconomic uncertainty
QCP Capital analysts highlighted that crypto markets continue to face headwinds from broader macroeconomic trends. “The #Fed indicated that it will slow the pace of rate cuts, given inflation risks,” the analysts noted.
“Meanwhile, yesterday’s ADP employment survey showed a slowdown in private sector hiring, which contrasted with Tuesday’s stronger-than-expected JOLTS job openings report.”
In the derivatives market, QCP Capital noted increased activity, with volatility rising across all timeframes. “The trading desk continues to see selling pressure on early volatility, with January 17 ATM options trading 3 volumes lower than last night,” the analysts added.
With US markets closed today, the #bitcoin is expected to consolidate in the $92,000 to $95,000 range. However, a break below $92,000 could expose the $90,000 level, QCP Capital warned.