According to BlockBeats, QCP Capital expressed a bullish stance on July 10th. The firm believes that the cryptocurrency market has bottomed out, despite facing significant selling pressure and being unable to break through the low point. The optimistic macroeconomic backdrop has bolstered this view.
If the Consumer Price Index (CPI) data proves to be favorable, it could potentially solidify the Federal Reserve's decision to cut interest rates in September and December. Additionally, a series of S-1 amendments for the ETH spot ETF could indicate that ETF trading is about to commence.
QCP Capital's bullish outlook comes at a time when the cryptocurrency market is grappling with immense selling pressure. Despite this, the firm maintains that the market has reached its lowest point and is poised for a rebound.
The firm's outlook is also influenced by the broader macroeconomic environment, which it views as increasingly optimistic. This optimism could be further cemented if upcoming CPI data proves favorable, potentially influencing the Federal Reserve's decisions on interest rate cuts in the coming months.
Furthermore, the firm pointed to recent amendments to the S-1 for the ETH spot ETF as a potential sign that ETF trading could soon begin. This development could provide a significant boost to the cryptocurrency market, further supporting QCP Capital's bullish stance.