QCP Capital: weaker CPI data leads to subconscious reaction in cryptocurrency markets
QCP Capital said that the US CPI data was in line with expectations and the market is now expecting a 25 bps rate cut at 62.5% compared to 47.5% prior to the CPI release; the weaker CPI data led to an immediate subconscious reaction in both equities and cryptocurrencies, with the cryptocurrency rally being short-lived, on the back of the transfer of 10,000 BTC from the US government address to Coinbase Prime and the Jump selling 17,000 ETH on the back of a market decline.
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