QCP Capital Report About Bitcoin’s Latest Decline

In its latest report, QCP Capital explained its views on the latest situation of the Bitcoin price and listed the events to follow.

A crucial support level was broken by Bitcoin on Thursday, sending the derivatives market into a wave of liquidation. The Wall Street Journal report that SpaceX decreased the value of its BTC holdings by $373 million in 2021 and 2022 is understood to have been the catalyst for the sales.

A cryptocurrency analysis company named QCP Capital claimed in a report that this breakout was brought about by significant BTC and ETH gamma-linked option liquidations on Deribit and OKX. Gamma is a metric used to assess how much an option’s price has moved in reaction to a shift in the value of the underlying asset.

The derivatives market, according to QCP Capital, is in a bear expansion phase, which means that traders anticipate additional drops for Bitcoin and other cryptocurrencies. The company pointed out that funding for Bitcoin everlasting transactions is at its lowest point in the past six months, which shows that short traders are paying long traders a lot of money to maintain their positions.

Eyes on Powell’s Speech and Grayscale Litigation

The speech that Federal Reserve Chairman Jerome Powell will give in Jackson Hole next week, according to QCP Capital, will have a significant impact on the new actions. The discussion will happen on Friday, August 25. Additionally, it is anticipated that the verdict in the SEC v. Grayscale case will be made public on Tuesday or Friday.

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