According to ChainCatcher, QCP Capital, a Singapore-based crypto investment firm, said in a statement: “Yesterday’s Fed meeting minutes revealed a more hawkish stance, casting doubt on the Fed’s victory in fighting inflation. Combined with last Friday’s strong employment data, the market raised expectations for a 25 basis point rate cut in November from 67.9% last week to 83.7%.
Tonight's Consumer Price Index (CPI) and tomorrow's Producer Price Index (PPI) data will be the key risk events this week. Together with the earnings reports of major banks (such as JPMorgan Chase JPM, Wells Fargo WFC), these data will be crucial in assessing the strength of the US economy against the backdrop of cooling inflation.
While US stock indices rallied overnight, with the S&P 500 hitting new highs, the crypto markets did not share the same optimism, with selling pressure resurfacing, likely driven by news of the Silk Road Bitcoin sell-off and PlusToken Ethereum sell-off. We remain optimistic about an ‘Uptober’ as long as the key support level of $60,000 holds. With markets anticipating more rate cuts ahead, we prefer to lock in gains at these depressed spot levels and position for a year-end rally.”
