QCP Capital: Crypto Market Enters Risk-Off Mode Ahead of Key Events

IconCryptoNewsTerminal Staff11 Jun, 2024

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QCP Capital: Crypto Market Enters Risk-Off Mode Ahead of Key Events

Singapore-based crypto exchange QCP Capital has observed that the crypto market has entered a "risk-off mode" ahead of tomorrow's US consumer price index (CPI) release and the Federal Open Market Committee (FOMC) meeting. The FOMC meeting, which includes the release of the dot plot, will provide insights into the Fed's expectations for rate hikes this year. Yesterday's $64 million net outflow from the Purpose Bitcoin (BTC) Spot ETF may also indicate this risk-off sentiment. However, this could present an opportunity for savvy investors to buy the dip in cryptocurrency. Encouraging news for the crypto market could come from pro-crypto statements from US presidential candidates Joe Biden and Donald Trump, as well as the potential approval of an ether spot ETF.

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