According to BlockBeats, on August 6, QCP Capital released its latest report indicating that the U.S. purchasing power provided much-needed support and liquidity to a panicked market last night. This support was particularly evident in the cryptocurrency market, with strong spot buying observed on Coinbase's order book. By the end of the U.S. trading session, Bitcoin had recovered to $56,000, and Ethereum had returned to $2,500.

QCP Capital believes that the likelihood of an emergency interest rate cut is low, as such a move would severely damage the Federal Reserve's credibility and exacerbate market panic, fueling the belief that an economic recession is imminent. Yesterday's risk aversion led to the liquidation of numerous leveraged positions. With prices having dropped significantly, it may now be time to consider accumulating BTC and ETH spot positions.