Cryptocurrency Market in Light of Recent Events

🔴 QCP Capital, a firm specializing in cryptocurrency analysis, released its assessment of the market following recent events. The report highlights that the Non-Farm Payrolls (NFP) figure surged to 272,000, exceeding the expected 182,000. Meanwhile, the unemployment rate increased from 3.9% to 4.0%.

🔴 These figures could influence decision-making ahead of the US inflation data release and the upcoming Federal Open Market Committee (FOMC) meeting next Wednesday. Additionally, a live stream by RoaringKitty, which attracted nearly a million viewers, coincided with the drop in GameStop (GME) shares and the collapse of altcoins and meme coins. The cryptocurrency market lost over $40 billion in market capitalization.

🔴 QCP Capital analysts believe the cryptocurrency market may have hit its bottom, as expectations for a rate cut by the Federal Reserve are growing.