QCP: The market may continue to fluctuate until the Federal Reserve and the Bank of Japan clearly define their policies.

Odaily Odaily News QCP Capital said in its latest analysis that overnight, the United States once again came to the rescue, providing much-needed support and liquidity to the panicked market. This was particularly evident in the cryptocurrency sector, with strong spot buying on Coinbase orders. By the end of the US trading session, BTC recovered to $56,000 and ETH recovered to $2,500. The macro market rebounded strongly today, with Japanese stocks rising 9% today after falling 12% yesterday. US futures also pointed to a possible rebound after US ISM data showed an expansion in the service industry in July. It is definitely too early to draw conclusions about whether the market has returned to normal. Although the VIX index has retreated from yesterday's peak of more than 65, it is still above 30. Asset prices are likely to remain volatile and markets will continue to be turbulent until the Federal Reserve and the Bank of Japan clarify their policies. The Deputy Governor of the Bank of Japan is expected to announce a key update on Wednesday, and the Federal Reserve will hold the Jackson Hole meeting from August 22 to 24. As for the rumors of an emergency rate cut, QCP believes that this is unlikely because it will seriously damage the credibility of the Federal Reserve, exacerbate market panic, and make people believe that a recession is imminent. In addition, yesterday's risk-off trend washed out a considerable portion of leverage. With prices plummeting, perhaps now is the time to consider accumulating BTC and ETH spot.