QCP Trading Platform Suggests Recession Data Could Emerge This Week
- Crypto trading platform QCP Capital has released their market update for April 4.
- The platform believes that weak US data could come out this week that could prove the US is in a recession.
- QCP states that if the Fed acts quickly, BTC could moon in the case of a recession.
Cryptocurrency trading platform QCP Capital recently published a market report on April 4. The platform noted that Bitcoin and Ethereum have both been stuck in a tight range since March 17, when BTC touched $27,500.
1/ QCP Market Update – 4 April 23Here’s our market update for todayWhilst we have called the major macro events of the past 3 weeks well, it is a tough time for monetisation, with #BTC and #ETH wedged in such a tight range.
— QCP Capital (@QCPCapital) April 4, 2023
The report released by QCP stated that the US Dollar and Bond yields experienced a significant reversal after the release of the ISM Manufacturing report. This report indicated the sharpest contraction since April 2020. QCP noted that they anticipate more weak US data to come out this week, which could further confirm that the US is in a recession.
We previously wrote that BTC as an asset is unproven in a recessionary environment. However, we now add that this is even more so in a stagflationary environment.
QCP’s report stated that if the Fed takes quick action in a recession, as they did during the banking crisis last month, the price of Bitcoin could likely surge. Currently, BTC is trading at around $28,500, with an increase of 1.05% during the last 24 hours.
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