While macroeconomic optimism lifted stock markets, the expected recovery in the cryptocurrency market did not occur. Bitcoin managed to remain relatively strong in the face of possible BTC sales by the US government. However, Donald Trump's failure to mention cryptocurrencies in Elon Musk's Spaces broadcast demoralized investors.

Macroeconomic developments such as the increasing risk of the US government selling BTC and the upcoming elections directly affect cryptocurrencies. These factors have long worried investors, leading to a weakening of positions in altcoins and a decrease in capital flow. So, how do experts evaluate this situation?

QCP Capital’s Latest Market Assessment

QCP Capital’s recently published market assessment highlights several important points. They discuss the current situation and the current difficult period according to recent developments. Here are three main points that experts highlight:

  1. Macroeconomic Optimism:
    Slowing US inflation has boosted market confidence, pushing stock markets to all-time highs. Rate cuts by major central banks like the RBNZ are supporting the global trend towards quantitative easing.

  2. US Government's Fear of a Sell-Off:
    The U.S. government transferred 10,000 BTC (approximately $591 million) linked to Silk Road to a Coinbase wallet. While there is no official statement regarding the sale, the market is wary of the remaining 203,239 BTC and other crypto assets in the wallet.

  3. Trump and Cryptocurrencies:
    The absence of any mention of cryptocurrencies in Donald Trump's two-hour interview with Elon Musk has caused disappointment in the market.

Bitcoin and other cryptocurrencies have gone through similar difficult times before. Bitcoin is still at the peak of the previous cycle; however, it is possible to evaluate this situation as Bitcoin getting stuck at $ 20,000 in 2021. In other words, Bitcoin has not yet shown the expected major rallies and is no different from the situation at the end of 2020.

The opinion of QCP Capital experts is summarized as follows:

“We remain constructive and bullish heading into the year-end. Of particular note is the market’s resilience to various ‘supply shock’ news for both Bitcoin and Ethereum this week. We also see the market turning bullish as Jump buys back and sells Ethereum assets.”

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