According to Odaily, the US employment data released last Friday exceeded expectations, diminishing hopes for a Federal Reserve rate cut in September. This development led to a decline in Bitcoin and Ethereum prices. QCP Capital noted that the drop in Bitcoin and Ethereum prices following the report's release created a 'buy the dip' opportunity.
As other central banks continue to lower borrowing costs, the Federal Reserve will find it increasingly difficult to maintain high interest rates. The market will increasingly absorb the impact of at least one rate cut by the Federal Reserve. It will be challenging for the US to ignore this as other countries around the world continue to cut rates.
QCP Capital added that its trading department has seen bullish capital flows during this downturn. These include sellers of aggressive bearish options and buyers of bullish spreads, especially for Bitcoin's bullish options.
