COINOTAG News reported on September 16 that QCP Capital revealed significant market movements. Following a breakout to $61,000, cryptocurrency valuations declined sharply. Notably, ahead of the Asian markets’ opening, a liquidity shortage led to the liquidation of nearly $70 million in short positions, accentuating the downturn. It’s important to recognize that Bitcoin had previously surged 13.8%, from $58,000 to $66,000, within a week marked by significant events.
As the TOKEN2049 conference progresses and the FOMC meeting scheduled for Wednesday looms, market participants remain on edge. The speculated interest rate cut, possibly by 25 or 50 basis points, adds to the uncertainty. This anticipated rate cut by the Federal Reserve is the first in this cycle, heightening market anxiety, and any unforeseen macroeconomic data is expected to have amplified effects. The chance of a 50 basis point reduction has spiked from 30% to 59% within a week. This change is evident in the increased volatility indices, with Bitcoin’s implied volatility climbing by 8 points and Ethereum’s by 20 points last Friday.
Source: https://en.coinotag.com/breakingnews/bitcoin-surges-amid-market-volatility-and-trumps-assassination-attempts-qcp-capital-insight/