QCP Capital: U.S. purchasing power comes to the rescue, emergency rate cut unlikely

BlockBeats news, on August 6, QCP Capital released its latest report saying that U.S. purchasing power once again came to the rescue last night, providing much-needed support and liquidity to the panicked market. This support is particularly evident in the cryptocurrency market, with strong spot buying on Coinbase's order book. By the end of the U.S. trading session, Bitcoin recovered to $56,000 and Ethereum recovered to $2,500.

QCP believes that an emergency rate cut is unlikely because it would seriously damage the credibility of the Federal Reserve and exacerbate market panic, fueling the belief that a recession is imminent. Yesterday's risk aversion led to the liquidation of a large number of leveraged positions. With prices falling sharply, it may be time to consider accumulating BTC and ETH spot.