QCP Capital: Although prices have fallen, the volatility of BTC and ETH has hardly changed.

QCP Capital Analysis points out that the Fed is leaning towards easing policy, and the September rate cut has been fully expected by the market. Despite the rise in the stock market, the cryptocurrency market experienced a broad sell-off last night and this morning, with traders focusing mainly on ETH ETF outflows and supply pressures from Mt Gox and the US government. The US presidential candidates and senators discussed sovereign Bitcoin reserves and other countries may follow suit, which could fundamentally change the cryptocurrency landscape. BTC prices fell from a high of 70k to nearly 60k this morning due to macroeconomic pessimism caused by large BTC supply, increased mining difficulty and high unemployment. Although BTC risk reversals flipped from +7% to -9% on the front end, and the market rushed to buy put options, BTC and ETH volatility barely changed.