Crypto Market Jitters as Assassination Attempt on Trump and Fed Decision Loom
CryptoNewsTerminal Staff16 Sep, 2024
Crypto Market Jitters as Assassination Attempt on Trump and Fed Decision Loom
Singapore-based cryptocurrency trading firm QCP Capital has issued a statement via its official Telegram channel, citing market unease following the recent assassination attempt on former US President Donald Trump and ahead of the impending rate decision by the US Federal Reserve (Fed). QCP Capital highlights a 13.8% increase in Bitcoin's (BTC) value from $58,000 to $66,000 during the week following the initial assassination attempt on Trump in July 2022. However, the firm anticipates a significant impact from macroeconomic factors, particularly the Fed's rate decision scheduled for Wednesday. Amidst heightened expectations for a potential 50-basis-point rate hike by the Fed, the implied volatility (IV) for Bitcoin and Ether (ETH) has surged. Last week, the IV for BTC and ETH stood at 30% and 59%, respectively, indicating increased market volatility. QCP Capital's analysis suggests that the cryptocurrency market remains susceptible to external influences, including political events and monetary policy decisions. Traders and investors are advised to monitor these developments closely and adjust their strategies accordingly.
