QCP Capital: Bitcoin and Ethereum Experiencing ‘Buy the Dip Moment’
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Coinspeaker QCP Capital: Bitcoin and Ethereum Experiencing ‘Buy the Dip Moment’ Singapore-based crypto trading firm QCP Capital says Bitcoin (BTC) and Ethereum (ETH) are currently seeing a “buy the dip” moment. The firm attributed the dip to mixed economic data released in the United States on Friday. How Bitcoin and Ethereum Reacted to US Economic Data According to reports, the non-farm payroll data showed a stronger-than-expected job market progress following a tumultuous economic growth streak. Specifically, 272,000 people were employed in May, exceeding the forecast of 185,000. Despite this, unemployment rose slightly from 3.9% to 4%. These mixed economic data, together with uncertainties regarding inflation numbers triggered a risk-averse reaction from investors who pulled back from riskier assets like Bitcoin and Ethereum. However, QCP Capital interprets this pullback as a buying opportunity for the leading cryptocurrencies. QCP Capital noted that its trading desk reportedly observed “bullish flows” during the dip, with investors taking positions that suggest a potential rebound. In the crypto market, the idea of “buying the dip” is a common strategy, where investors attempt to capitalize on temporary price drops with the expectation of future price increases. The price of Bitcoin dropped from around the $72,000 price level to $69,000 on Friday. As of this writing, BTC is trading at $69,443, demonstrating a nominal increase of 0.09% in the past 24 hours. Likewise, Ethereum followed a similar path, and it is now trading at $3,676. Expectations of an Interest Rate Cut in the US Individuals and market analysts believe that at least one more interest-rate cut is in view from the US. For Bitcoin, a future rate cut could set the cryptocurrency up for a new bull run. Federal Reserve officials anticipate at least three 25-basis points rate reductions this year. QCP Capital highlights the possibility of the…
Filed under: News - @ June 11, 2024 3:22 am