According to the QCP Capital report dated September 25, the macroeconomic environment continues to send positive signals for risk assets, including cryptocurrencies. The People's Bank of China (PBoC) announced a series of measures aimed at revitalizing the real estate market and the sluggish stock market.
China's Economic Measures
Recently, the PBoC announced a series of measures aimed at revitalizing the real estate market and the sluggish stock market. Following these steps, the China A50 index saw an increase of 8 percent. Additionally, the PBoC introduced a unique swap mechanism worth 500 billion yuan, allowing non-bank financial institutions to purchase Chinese stocks.
US Situation and Cryptocurrencies
In the US political arena, QCP noted significant developments. Vice President Kamala Harris's positive remarks about artificial intelligence and cryptocurrencies led to an uptick in prices of cryptocurrencies related to artificial intelligence. The US Securities and Exchange Commission (SEC) also approved options trading for the BIT ETF, indicating growing recognition and demand for cryptocurrencies as an asset class.
Conclusion
QCP emphasized that while there are no specific sectoral catalysts to trigger a rise in cryptocurrencies, the favorable macroeconomic conditions might lead to price increases. Given the volatile nature of cryptocurrencies, the next price surge could catch many investors off guard.
Thus, current economic measures and political developments create favorable conditions for the growth of cryptocurrencies and other risk assets.
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