In the past 24 hours, there have been significant fluctuations in cryptocurrency markets, with BTC dropping to $94,150. This decline in BTC price has had a larger impact on altcoins, such as SHIB, which have experienced drops of over 25%. What are the latest predictions from QCP Capital experts regarding the markets?
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Comments on Cryptocurrencies
QCP Capital Market Analysis
Comments on Cryptocurrencies
The liquidation of over $1.5 billion in long positions has affected funding rates for altcoins. With Trump’s announcement of a crypto-friendly SEC candidate, there is little potential for significant developments in the near future, weakening upward momentum.
XRP Coin price reached the $3 limit as Gensler’s resignation date became clear. However, recent pullbacks are considered normal as the expectation has been met. Upcoming events include the Fed’s interest rate decision on December 18 and tomorrow’s U.S. inflation data. The market currently expects a 25bp rate cut.
QCP Capital Market Analysis
Experts from the cryptocurrency investment firm recently reviewed the current state of the markets. Their latest report discusses Microsoft’s upcoming Bitcoin vote. The upper management has requested a negative vote on the inclusion of BTC reserves, arguing that the evaluation of risky assets like BTC has already been considered, making the proposal unnecessary.
QCP analysts stated:
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Disclaimer: The information in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and should conduct their own research.