Crypto Market’s “Shallow Sell-Off” Indicative Of Strong Bid For Risk Assets: Trading Firm
QCP Capital reports that the recent missile attacks from Iran on Israel resulted in a "shallow sell-off" in crypto markets, indicating strong demand for risk-on assets. The S&P 500 fell 1%, while WTI oil prices increased by 2%. Bitcoin dropped over 5%, with the total crypto market cap declining by more than 6% and liquidations exceeding $550 million. Bitcoin appears to have strong support at $60,000, but further Middle East tensions could push it down to $55,000. The report draws parallels between China's economic policies and Japan's 1990s strategies, highlighting potential interest rate cuts by the US Federal Reserve in 2024. Analysts remain optimistic about Bitcoin's performance in Q4 2024, with expectations of new all-time highs based on historical trends. Bitcoin is currently trading at $61,992, down 1.2% in the last 24 hours.
