- QCP Capital remains bullish on the crypto market for the year-end.
- The rate cuts by banks will result in monetary easing, pushing crypto higher.
- The crypto market was disappointed by the recent Musk and Trump meeting.
Singapore-based digital asset firm QCP Capital maintains a bullish outlook on the crypto market for the year-end, stating that the global macroeconomic conditions will definitely push the price of Bitcoin (BTC) and other cryptocurrencies higher in the near future. However, the digital asset space is currently facing a slump.
In a post on social messaging application Telegram, QCP pointed out that U.S. equity markets have returned to trading at all-time highs due to “slowing U.S. inflation boosting market confidence.” They also highlighted that:
“Continued rate cuts by major central banks like RBNZ reinforce the wave of global monetary easing.”
Despite the current dip, QCP remains bullish in the long term and expects the crypto market to turn around by the end of the year, testing new highs. At the time of publication, Bitcoin (BTC), the world’s largest cryptocurrency, is trading at a price tag of $59,271, unable to break through and maintain price action above $60,000. On the other hand, CoinMarketCap also confirms that Ether (ETH), the second-largest crypto coin, is trading at $2,599, and is facing resistance between $2,800-$3,000 price level.
According to QCP, the crypto market was disappointed by the absence of cryptocurrencies during a 2-hour discussion between Tesla CEO and billionaire Elon Musk and former US president and Republican presidential candidate Donald Trump. This resulted in a slump in the crypto space.
It is important to note that Trump has made several declarations in support of the digital asset sector, recently stating that on the first day of office, he would fire the Chair of Securities and Exchange Commission (SEC), Gary Gensler. The Republican candidate also announced that he would appoint Cantor Fitzgerald CEO Howard Lutnick to lead his transition team, if elected president.
Fitzgerald is known for his support of cryptocurrencies and has been the custodian of Tether since the end of 2021. The future of the digital asset space in the United States hinges heavily on the outcome of the 2024 elections.
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