Exploration in the Crypto Market by QCP Analysts before Tomorrow’s Crucial FED Rate Decision
As the Federal Reserve prepares to make its decision tomorrow, experts from QCP Capital, an analysis firm, have shared their insights on what to expect in the crypto market.
Cryptocurrency investors are taking a cautious approach by reducing their risks ahead of the release of tomorrow’s May Consumer Price Index (CPI) report and the Federal Open Market Committee (FOMC) meeting, according to the latest update from the hedge fund QCP.
Anticipation is high among investors for the CPI report and the outcome of the FOMC meeting, leading to a risk-off sentiment in the markets. The upcoming FOMC meeting holds particular significance as the Fed is set to unveil the Dot Plot, a tool that provides insights into the projected number of interest rate cuts for the remainder of 2024.
Despite the temporary challenges, QCP suggests that this could be an opportune moment to accumulate digital assets. They point to positive developments such as the anticipated launch of the ETH spot ETF and the ongoing political discourse between President Biden and former President Trump as factors that could boost confidence in the crypto market.
The FOMC is scheduled to announce its interest rate decision tomorrow. Following a robust employment report, it is likely that interest rates will remain unchanged. The CME FedWatch Tool, which assesses the probability of the Fed adjusting interest rates based on market expectations, currently indicates a 99.4% chance of rates staying steady as of Monday.
While the FOMC had projected three interest rate cuts for this year in its December forecast, FED President Jerome Powell has emphasized the uncertainty surrounding these projections. The central bank is prepared to exercise patience until it is confident that the economy has sufficiently cooled down.
*This article does not constitute investment advice.
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