QCP Capital recently released their April 4, 2023 market update, which explained the state of bitcoin (BTC) and ethereum (ETH) in the current situation. The platform called Q2 the quarter of altcoins and airdrops while discussing BTC's resistance in the market. BTC's price had remained stagnant since March 17 when it saw a peak price of $27,500. The US Dollar (USD) and Bond yields have now reversed after the release of the ISM Manufacturing report. The report revealed the sharpest contraction since April 2020. This has led QCP Capital to believe that further negative US data will emerge and could potentially cement the recession narrative and make it a long-term trend.

The platform expressed that Bitcoin is unproven in the recessionary environment and even more so in the stagflationary environment. They said that if The Federal Reserve (FED) acts promptly during the recession, just like they did during the banking crisis, Bitcoin could potentially surge. At present, BTC is trading at around $28,500 with a 1.05% hike in the last 24 hours.

QCP's update offers a comprehensive overview of the current trends in the cryptocurrency domain. Moreover, the report offers insight into the potential future of the cryptocurrency market and shows how the market might develop in a recessionary environment. It also shows that the ongoing dip in value might be linked to stagnation in the Cryptocurrency markets and could impact the future of the industry. Finally, it explains that the FED's response to the macro situations might play a crucial role in the future development of BTC.



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