Pay Attention to QCP Capital Report: What Awaits the Cryptocurrency Market This Summer?

Cryptocurrency analysis company QCP Capital presented a report on the current state of the market and what may happen in the future.

QCP Capital analysts shared a remarkable report on June 14. Pointing out that the rise in Bitcoin and cryptocurrencies following the FOMC data could not be sustained, analysts said that several catalysts stood out at this point.

First of all, it was emphasized that after the halving in April, Bitcoin miners made more sales in order to continue their activities, which put pressure on the price. It was noted that the miners built a serious wall, especially at the level of 70 thousand dollars.

In addition, it was noted that Flowbank, one of the banks with which Binance, the world's largest cryptocurrency exchange, had a tripartite agreement, was on the verge of bankruptcy, and this created tension in the cryptocurrency market.

What's next?

According to QCP Capital analysts, a quiet summer awaits the cryptocurrency market. Analysts expecting movement on lower volatility and consolidation emphasized that there is no catalyst to drive it up or down.

Analysts also noted that Gensler pointed to the summer months for the spot Ethereum ETF, but this ETF approval may not create a boom in Ethereum.

However, during this period of silence that may continue throughout the summer months, it was noted that investing in Ethereum would be reasonable and profitable in the medium term.