In the past 24 hours, there have been significant fluctuations in the cryptocurrency markets, with BTC dropping to $94,150. This decrease in BTC price has had an even greater impact on altcoins, such as SHIB, which have experienced drops of over 25%. QCP Capital experts have provided their latest predictions regarding the markets.
Comments on Cryptocurrencies
The liquidation of over $1.5 billion in long positions has affected funding rates among altcoins. With Trump’s announcement of a crypto-friendly SEC candidate, there is little potential for significant developments in the near future, which weakens upward momentum.
The price of XRP Coin approached the $3 mark as Gensler’s resignation date became clear. However, recent pullbacks are considered normal given that the expectation was met. Important upcoming events include the Fed’s interest rate decision on December 18 and tomorrow’s U.S. inflation data. The current market expectation is a 25bp rate cut.
QCP Capital Market Analysis
Experts from the cryptocurrency investment firm have recently analyzed the current state of the markets. Their latest report focuses on Microsoft’s upcoming vote on Bitcoin. 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 contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry risks, and they should conduct their own research.
