QCP Capital: The purchasing power of the United States has stepped in to help, and the possibility of an emergency rate cut is not high.

QCP Capital's latest report points out that the United States has once again provided much-needed support amid market panic, especially in the crypto market, where strong spot buying appeared on Coinbase's order book. By the end of the U.S. trading session, Bitcoin rebounded to $56,000 and Ethereum rebounded to $2,500. QCP believes that an emergency rate cut is unlikely because it will seriously damage the credibility of the Federal Reserve and exacerbate market panic, fueling expectations of an impending recession. In addition, yesterday's risk aversion led to the liquidation of a large number of leveraged positions.