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QCP Report: Positive Data in Bitcoin Has Long Been Priced In, Eyes Now on Historic Decision!
Cryptocurrency analysis firm QCP Capital has released a market report for August 1st.
On August 1st, QCP Capital shared a cryptocurrency market report on Telegram. The report highlights the impact of US-based factors on the cryptocurrency market.
QCP, stating that the Fed's decision to keep interest rates stable and the subsequent Powell statements showed a very dovish stance, said that the interest rate cut expected in September is completely priced in.
However, it was emphasized that Mt.Gox and the transfer of Bitcoin in the United States have been disturbing the market, and it is important to closely monitor these data.
When looked at in the long term, analysts say that if the US sees Bitcoin as a reserve asset, the whole story could change completely. They continued their statement with the following expressions:
The key takeaway from yesterday's FOMC is that the Fed is clearly dovish: a September rate cut is fully priced in. The market remains tense due to investors closely watching daily ETH ETF outflows and additional supply pressures from Mt. Gox and the US government. In the long run, debates among US presidential candidates and senators about a dominant Bitcoin reserve and the potential for other nations to follow suit could fundamentally change the cryptocurrency landscape.
Stay tuned for new information