Crypto Market’s “Shallow Sell-Off” Indicative Of Strong Bid For Risk Assets: Trading Firm

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	22,073,184,296	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

22,073,184,296

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.002496	-0.97%	0.254653	0.254627	0.25465

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.002496

-0.97%

0.254653

0.254627

0.25465

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.259296	0.250089	0.257132	0.257149	0.077142 - 0.449994

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.259296

0.250089

0.257132

0.257149

0.077142 - 0.449994

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	18:48:34	182.93	0.254653	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

18:48:34

182.93

0.254653

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,343,131.11	5,195,488.67	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,343,131.11

5,195,488.67

Crypto Market’s “Shallow Sell-Off” Indicative Of Strong Bid For Risk Assets: Trading Firm

03/10/2024 9:00am

NEWSBTC

Crypto trading firm QCP Capital says the “shallow sell-off” in crypto markets following Iran’s recent attack on Israel indicates healthy market demand for risk-on assets. Crypto Market Remains Well Bid For Risk Assets Despite Iran launching over 180 missiles toward Israel yesterday, the sell-off in traditional financial (TradFi) assets was relatively muted. The S&P 500 closed 1% lower, while U.S. benchmark West Texas Intermediate (WTI) oil prices rose 2%. In contrast, the digital assets market was hit relatively harder, with Bitcoin (BTC) sliding more than 5% following Iran’s attack. The total crypto market cap eroded over 6% in value while liquidations surpassed $550 million in the past 24 hours, data from CoinGlass indicates. Related Reading: Bitcoin Price Falls To $60K: Is A Rebound Possible? In the report, QCP Capital says that the premier cryptocurrency seems to have found strong support at the $60k level. However, the firm cautions that further escalation in the Middle East might force BTC to drop to $55k. Regarding the market sell-off witnessed yesterday, the trading firm stated: Middle East geopolitics will steal the limelight for now, but the shallow sell-off suggests that the market remains well bid for risk assets. This minor setback shouldn’t distract from the bigger picture. The report also remarked that China’s recent economic policy actions are similar to those of Japan in the 1990s. Notably, the Bank of Japan (BoJ) tackled deflation by reducing interest rates, introducing negative interest rates, and starting the quantitative easing program. The report added: The flush of liquidity from the PBoC and potential fiscal support will likely support asset prices in China, with bullish sentiment potentially spilling over globally to support risk assets, including crypto. Additionally, the report pointed to the US Federal Reserve (Fed) Chair Jerome Powell’s recent dovish remarks at the National Association for Business Economics, signaling further interest rate cuts in 2024. For context, the Fed cut rates for the first time in 4 years on September 18. Subsequently, financial markets worldwide experienced a surge in the price of risk-on assets, such as stocks and cryptocurrencies. The report concluded that “asset prices are expected to remain supported heading into 2025”, buoyed by aggressive interest rate cuts by both the largest (Fed) and third largest (People’s Bank of China) central banks in the world. What To Expect From Bitcoin In Q4 2024? Although the Iran-Israel conflict directly impacted BTC’s price, crypto analysts remain optimistic about a potentially strong Q4 2024. One analyst suggested that the recent dip could represent BTC’s “quarterly low.” Related Reading: Bitcoin Starts October In The Red After Crash To $61,000, Is ‘Uptober’ A Myth? Another crypto analyst Eric Crown opined that BTC could reach new all-time-high (ATH) value in Q4 2024, basing his analysis on the cryptocurrency’s historical performance in the months following September. Bitcoin trades at $61,992 at press time, down 1.2% over the last 24 hours. Featured image from Unsplash, chart from Tradingview.com

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