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QCP capital remains bullish about the crypto market at the end of the year.
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The rate reductions by banks will lead to monetary easing and push crypto higher.
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The recent Musk-Trump meeting disappointed the crypto market.
QCP Capital, a Singapore-based digital assets firm, maintains a bullish view on the crypto market at the end of the year. The firm states that global macroeconomic conditions are likely to push the price for Bitcoin (BTC), and other cryptocurrencies in the near future. The digital asset market is currently experiencing a slump.
In a Telegram post, QCP noted that U.S. stock markets are now trading at record highs as “slowing U.S. prices have boosted market confidence.”
“Continued rates cuts by major central bankers like RBNZ reinforces the wave of global monetary ease.”
QCP is still bullish on the crypto market in the long run and expects it to reach new highs by the end the year. Bitcoin (BTC), which is the largest cryptocurrency in the world, was trading at $59,271 as of the time of publication. It has been unable to maintain a price above $60,000. CoinMarketCap confirms, on the other hand that Ether (ETH), which is the second largest crypto coin, is currently trading at $2.599. It is also facing resistance between the $2,800 and $3,000 price levels.
According to QCP the crypto market was disappointed that there were no cryptocurrencies in the 2-hour discussion between Elon Musk, CEO of Tesla and billionaire, and Donald Trump, former US president and Republican candidate for the presidency. This led to a crash in the crypto market.
It is important to note Trump’s support for the digital asset sector. He recently stated that he would fire Gary Gensler, the chair of the Securities and Exchange Commission, on his first day in office. The Republican candidate announced that he will appoint Cantor-Fitzgerald CEO Howard Lutnick as the leader of his transition team if he is elected president.
Fitzgerald is well-known for his support of cryptocurrency and has been the custodian Tether since 2021. The outcome of the elections in 2024 will have a major impact on the future of digital assets in the United States.
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