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Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>QCP Capital reports a surge in ‘bullish flows’ during a dip in Bitcoin’s price.</li>
 <li>Bitcoin and Ethereum are considered a good buy amidst uncertain economic conditions and potential US interest-rate cuts.</li>
</ul>
<p>Singapore-based cryptocurrency firm, QCP Capital, has reported a rise in ‘bullish flows’ during a recent decrease in the price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>.</p>
<p>This comes at a time when Bitcoin and <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> are seen as attractive purchases in the uncertain period between post-payrolls data and an expected interest-rate cut from the US.</p>
<h2 id="us-economic-data-and-cryptocurrency">US Economic Data and Cryptocurrency</h2>
<p>The non-farm payroll data from last Friday, a key determinant of the US job market’s health, showed a monthly gain of 272,000 in May, surpassing the projected 185,000. However, the unemployment rate also rose, increasing from 3.9% to 4.0%.</p>
<p>This mixed economic data from the US resulted in a ‘risk-off’ market situation, where investors withdrew from riskier assets due to the uncertainty of the figures ahead of inflation numbers and the upcoming Federal Open Market Committee (FOMC) meeting.</p>
<p>QCP Capital noted bullish flows during this dip, with sellers of aggressive puts and buyers of call spreads, particularly in Bitcoin.</p>
<h2 id="price-fluctuations-in-bitcoin-and-ethereum">Price Fluctuations in Bitcoin and Ethereum</h2>
<p>The price of Bitcoin fell from approximately $72,000 to $69,000 on Friday following the release of the US data. At the time of reporting, Bitcoin was trading at $69,424. Ethereum demonstrated similar price movements, trading at $3,673.</p>
<p>QCP Capital stated that it would be challenging for the US to ignore as other countries continue to reduce rates. Several central banks, including the European Central Bank and the Bank of Canada, have recently made rate cuts.</p>
<p>As for the upcoming FOMC meeting, the CME Group predicts a 99.4% likelihood that the US will maintain the current interest rate of 5.25% to 5.50% instead of easing. A poll of economists by Reuters aligns with QCP Capital’s forecast, suggesting that the Fed is likely to cut rates twice this year, starting in September.</p>

Bullish Trends Witnessed by QCP Capital Amid Bitcoin Price Drop

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