QCP Capital: CPI Report And Easing Dollar Identified As Key Near-Term Market Catalysts As BTC Steadies
Singapore-based digital asset agency QCP Capital printed a current market report noting that, following a risky begin to the week, danger property have stabilized inside comparatively slim ranges. The ongoing US authorities shutdown has paused most official information releases from the Bureau of Labor Statistics, the Bureau of Economic Analysis, and the Census Bureau.
According to the agency, the one main dataset anticipated within the close to time period is the September Consumer Price Index, which the BLS has been granted a one-time exemption to launch on Friday, October twenty fourth. All different financial information publications will stay on maintain till the shutdown concludes.
QCP Capital acknowledged that this case positions the CPI report because the central focus for upcoming Federal Reserve coverage discussions and market sentiment. A softer CPI studying, near 0.2%, might strengthen expectations of a soft-landing state of affairs and assist Bitcoin’s optimistic bias as liquidity circumstances probably enhance.
The agency additionally noticed that whereas geopolitical tensions proceed to generate headlines, the general tone has change into extra balanced. Tariff-related concerns are being countered by renewed discussions of potential commerce agreements. A doable assembly between Chinese President Xi Jinping and US President Donald Trump might tackle a practical course, addressing provide chain challenges associated to rare-earth and demanding minerals and reopening agricultural commerce channels akin to soybean imports—components that would ease inflationary pressures.
In commodities, gold skilled a pointy pullback from report highs, marking its steepest one-day decline since 2020 because of profit-taking and a stronger US greenback, whereas silver adopted an identical development. Bitcoin quickly rose to round $114,000 as metals bought off however later retreated to the decrease $108,000 vary amid risky buying and selling circumstances.
QCP famous that volatility stays elevated forward of the CPI launch, with potential for draw back assist if the US greenback index and two-year actual yields proceed to say no.
Bitcoin Trades Near $108K, Global Crypto Market Cap Slips To $3.64T
At the time of writing, Bitcoin is buying and selling at roughly $107,935, reflecting a 0.47% decline over the previous 24 hours. During this era, the asset reached a high of $113,807 and a low of $107,282.
The whole international cryptocurrency market capitalization stands at $3.64 trillion, representing a 0.58% lower in comparison with yesterday. Meanwhile, whole market buying and selling quantity over the previous 24 hours has risen by 31.33%, reaching $227.84 billion. Bitcoin’s market dominance is at the moment at 59.14%, marking a 0.12% improve inside the identical timeframe, in response to information from CoinMarketCap.
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