Market Experts Comment on Today's Drops in Bitcoin and ETH!
What do QCP Capital analysts think about the crypto market?
The cryptocurrency industry is experiencing the most difficult days of recent times. The leading cryptocurrency Bitcoin (BTC) faced a very serious selling pressure, which naturally caused altcoins to experience unexpected declines.
Market experts think that these declines are due to Mt.Gox developments. In their recent report, QCP Capital analysts stated the following about Bitcoin and ETH:
“Crypto prices experienced a severe correction today. BTC and ETH dropped below the $54,000 and $2,900 levels respectively, before regaining the $55,000 and $2,950 levels ahead of the US open.
The market reacted to news of sudden BTC supply, which included BTC transfers by Mt.Gox and the German Government. Speculators likely oversold in anticipation of this and triggered liquidations around $58,000.
As of now, Bitcoin has stabilized, showing good support around $54,000. The panic subsided and the short-term volatility score dropped from 65 to below 50 for BTC and from 80 to 62 for ETH.
Today's US labor force data showed downward revisions to both April and May figures. This confirms Powell's disinflationary path. “It also increases the possibility of pricing in earlier interest rate cuts in September and December.”