Upcoming U.S. jobless claims and CPI data could be the trigger for new all-time highs for bitcoin, according to QCP Capital.
Today’s U.S. jobless claims report and next week's CPI release could be the catalysts for new bitcoin all-time highs, according to analysts at crypto asset trading firm QCP Capital.
QCP also suggested momentum may be added to such a rally as the market prices in potential rate cuts. The Bank of Canada became the first major central bank to cut interest rates this year on Wednesday, reducing them a quarter-point to 4.75%. The European Central Bank is expected to follow suit later today, cutting rates by the same amount to 4.25%.
QCP said they expected ether to continue lagging in the short term, noting SEC Chair Gary Gensler’s comments in an interview with CNBC yesterday that the spot Ethereum ETF S-1 approvals “will take some time.” However, the analysts expect ether to eventually outperform bitcoin once the ETFs start trading.The cryptocurrency market is muted ahead of Thursday's U.S.
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