QCP Capital: Jerome Powell To Maintain Cautious Stance On Rate Cuts, Market Participants Await Donald Trump’s Response To Higher CPI
In Brief
QCP Capital’s latest market analysis suggests that market participants are awaiting Donald Trump’s response to the higher CPI numbers, while anticipating that Jerome Powell will likely maintain a data-dependent approach before cutting rates.
Singapore-based cryptocurrency trading firm QCP Capital released its latest market analysis, noting that buying the dip was the key trade following the release of post-consumer price index (CPI) data. The headline CPI exceeded expectations, while core CPI also showed a slight increase, causing a shift in market expectations. The Federal Reserve is now expected to delay its first rate cut of the year until December, which led to a sharp market sell-off.
Bitcoin dropped from $96,500 to $94,000, with $163 million worth of long positions liquidated. However, BTC regained momentum at the $94,000 level and surged back to $98,000 during the New York session, posting a 4.4% gain.
QCP Capital also highlighted that on the options side, market sentiment continues to favor call options, especially with expirations set for this Friday. Call options with strike prices between $97,000 and $100,000 were the most active in the last 24 hours.
Looking at the broader market outlook, QCP Capital suggests that market participants are awaiting Donald Trump’s response to the higher CPI numbers. It remains unclear whether he will continue advocating for further rate cuts by the Federal Reserve or support a more cautious, data-driven approach. With his “soft-landing” legacy on the line, QCP Capital anticipates that Federal Reserve Chair Jerome Powell will likely maintain his conservative stance and stick with a data-dependent approach before cutting rates.
Bitcoin Holds Steady Above $96,000 Mark, While Altcoins Drive Market Growth
At the time of writing, Bitcoin is priced at $96,269, reflecting a modest increase of 0.06% over the past 24 hours. The cryptocurrency’s intraday low and high were recorded at $94,246 and $98,073, respectively. Bitcoin’s market dominance saw a slight dip of 0.49% in the last 24 hours, now standing at 59.88%, indicating that altcoins were the main drivers of market gains during this period. ETH, XRP, and SOL all experienced gains during the intraday trading session. Notably, CAKE stood out as the top performer, skyrocketing by an impressive 59%.
Meanwhile, the global cryptocurrency market capitalization rose by 0.90%, reaching $3.19 trillion. Additionally, global market volume surged by 33.45%, now totaling $134.72 billion, as reported by CoinMarketCap.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
