QCP Capital: Maintaining a structural bullish view on the crypto market

Odaily Odaily News QCP Capital published an article saying that the Consumer Price Index (CPI) data released by the United States last night drove a wave of risk assets to rise. The U.S. stock market hit a new high, and Bitcoin soared to $70,000 at one point, but fell back to $67,300 this morning. The market predicts that there will be two interest rate cuts in 2024. Interest rate futures indicate a 56% chance of a rate cut in September, while the second rate cut may occur in December. For the rest of the year, QCP Capital holds a structural bullish view, mainly based on institutional approval of the S-1 of the Ethereum ETF and expectations of rate cuts that may occur in September and at the end of the year.