- QCP Capital attributes Bitcoin’s recent surge to macroeconomic influences, not ETF speculation.
- The firm cites a decrease in bond yields as a key factor.
- Bitcoin recently surpassed $35k, one of its highest values in 15 months.
QCP Capital, a leading international digital assets trading company and market maker, has disputed the prevailing view in the cryptocurrency market about Bitcoin’s recent rise above $35k. QCP Capital asserts that the main catalyst for this surge is not the speculation surrounding the forthcoming spot ETF applications in the U.S.
From the perspective of the market maker, the recent surge can be accurately attributed to macroeconomic influences rather than developments associated with spot ETFs. QCP Capital emphasized that various factors propelled the Bitcoin rally. The company pointed out a lower-than-anticipated Treasury Q1 supply estimate revealed yesterday, along with the dovish approach of the U.S. Federal Open Market Committee (FOMC). The digital asset company asserted that the actions of the FOMC resulted in a notable decrease in bond yields, which led to an increase in risk assets such as Bitcoin.
QCP Capital has expressed uncertainty about whether the recent surge in the risk asset market indicates the start of a worldwide upward trend in equity and bond markets. The company noted that the overall macroeconomic environment has remained unchanged, except for rectifying the excessively negative attitude towards bonds.
Conversely, several other specialists in the cryptocurrency sector have expressed comparable opinions about Bitcoin’s recent surges. In a recent discussion, Thomas Lee, a co-founder of Fundstrat Global Advisors, credited Bitcoin’s exceptional performance to the substantial increase in institutional investments, as evidenced by the record-breaking trading volumes on CME.
Furthermore, Lee underscored a renewed interest from Asian markets in the Bitcoin ecosystem, a sector they had previously shown less engagement with. He believes this resurgence indicates a sincere intent from significant investors to participate in the cryptocurrency market.
In the previous week, Bitcoin surpassed the $35k mark, reaching one of its peak values in the past 15 months. The cryptocurrency is trading at approximately $34,300 after momentarily hitting the $36k mark within the last 24 hours.
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