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QCP Capital: The change in the ETH/BTC exchange rate indicates that the market is turning towards ETH, and the market rebounds due to news of the appointment of the US Treasury Secretary

QCP Capital: The change in the ETH/BTC exchange rate indicates that the market is turning towards ETH, and the market rebounds due to news of the appointment of the US Treasury Secretary

Bitget2024/11/27 09:52

QCP Capital stated on its official telegram channel: "As the holiday season approaches, Bitcoin seems to have found a comfort zone above $93,000. Meanwhile, MicroStrategy recently purchased another $5.4 million of BTC at an average price of $97,862, causing its stock price to drop by 35%.

Despite this, MSTR's stock price has found support near its 20-day moving average and maintained its intraday low point with hopes of gaining support above $350. After BTC fell, ETH is recovering and rose more than 4% yesterday while BTC dropped by 1.5% during the same period. The ETH/BTC exchange rate soared from a post-election low of 0.0318 by 13%, reaching 0.0366 which indicates that the market is turning towards ETH. ETH's performance even surpassed the broader CoinDesk 20 index which only increased by 0.5%.

Wall Street hit record highs after Trump nominated Scott Bessent as Treasury Secretary boosting market sentiment.The Dow Jones Index surged by 439 points (0.49%) to reach at44,860 points; Standard & Poor's500 Index broke through the major milestone of6000 points; Nasdaq Composite Index roseby0 .75%. 

Bessent outlined his 'Three Arrows' strategy for US economy aiming for a budget deficit of3 % , GDP growthof3 % , and daily oil production increaseof3 million barrelsby2028 .

Bessent’s market-friendly strategies and potential willingness to soften Trump’s tariff policies boosted optimism leading to broad rebound across markets with risk assets leading gains."

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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