Analysis of Recent Bitcoin and Ethereum Market Movements

BTC faced a significant decline recently, with ETH's value dropping to $2,900. Despite the anticipation of an ETH ETF listing, concerns about substantial sell-offs causing a negative impact on the cryptocurrency market have emerged. This occurrence marks one of the most substantial series of losses witnessed in the market since the MTGOX hack. Previous speculations regarding the return schedule also contributed to market downturns.

QCP Capital Crypto Predictions

BTC is striving to recover to $57,000 following the recent slump, but investors remain wary after observing consecutive new lows. ETH has rebounded to $2,985 temporarily, while altcoins continue to show negative trends. SOL Coin managed to reclaim $135, offsetting its 24-hour losses.

So, what do the QCP Capital experts foresee? In their latest market evaluation, they stated:

'Cryptocurrencies witnessed a notable decline with the commencement of Asian markets. BTC and ETH saw some recovery before the US session. The drop was influenced by:

• Reactions to reports of new BTC supply through transfers by Mt. Gox and the German Government
• Speculative activities triggered liquidations around $58,000 in weaker markets during the US holiday, driven by overselling based on expectations.

Our insight: The spot prices stabilized, indicating solid support around $54,000. Panic subsided notably, with front-end volumes reducing to below 50 for BTC and 62 for ETH from 65 and 80, respectively. Today's US employment data revisions showed a downward trend for both April and May figures. This validates Powell's disinflationary trajectory and the potential for earlier rate adjustments, with higher likelihood now placed on September and December.'

Cryptocurrency Market Projections

The substantial downward adjustment in non-farm employment data emerged as a significant focal point today. This factor also led to the accelerated surge in BTC value after the US market commencement. Powell's consistent reference to probable early rate cuts due to weakening employment conditions has been noted. Although there was an increase in the unemployment rate and a slowdown in wage growth, non-farm employment exhibited resilience.

With the revised employment statistics, the Federal Reserve might adopt a more tempered stance, potentially mitigating the impact of new cryptocurrency supply.

This analysis was originally published on COINTURK NEWS.