Mt. Gox BTC Outflows Won't Derail Long-Term Bullish Trend, Says QCP Capital
CryptoNewsTerminal Staff28 May, 2024
Mt. Gox BTC Outflows Won't Derail Long-Term Bullish Trend, Says QCP Capital
Mt. Gox's recent wallet outflows have caused a temporary dip in Bitcoin's price, but Singapore-based crypto exchange QCP Capital believes the long-term uptrend remains intact. The firm cites several factors supporting its bullish outlook, including a strong U.S. stock market, political endorsements from U.S. presidential candidates, and the potential approval of a spot ETF for Ether. QCP Capital also notes that multiple crypto-related bills are making their way through the U.S. Congress and gaining support from politicians, including former U.S. President Donald Trump. The U.S. Securities and Exchange Commission's (SEC) recent shift in stance toward approving a spot ETF for ETH is another significant factor, according to the firm.
