Cryptocurrencies May Extend Downturn as Market Awaits Economic Data

IconCryptoNewsTerminal Staff29 Aug, 2024

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Cryptocurrencies May Extend Downturn as Market Awaits Economic Data

Singapore-based cryptocurrency trading firm QCP Capital expects the downturn in cryptocurrencies to continue as the market awaits the release of non-farm payroll figures next week. The expectation of a possible Federal Reserve rate cut is also seen as a factor in the ongoing decline. QCP Capital also noted that if the US GDP data released tonight reinforces the narrative of a US economic slowdown, it could further hurt cryptocurrencies. With a lack of short-term catalysts, cryptocurrencies are expected to continue trading within a narrow range as the market enters September. The firm's analysis highlights the impact of macroeconomic factors on the cryptocurrency market. Traders and investors should closely monitor economic data and central bank actions to make informed decisions about their cryptocurrency holdings.

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