QCP Capital: Cryptocurrency May Recover Alongside the U.S. Stock Market

Odaily News According to an analysis published by QCP Capital, given the strong correlation between cryptocurrencies and U.S. stocks, market weakness is temporary. As the U.S. stock market recovers, cryptocurrencies may recover with it. This correlation highlights that macroeconomic factors are currently the main driver of risk asset prices. As the ADP employment report exceeded expectations, tomorrow's non-farm payrolls report will be key to confirming the strength of the U.S. labor market. The combination of expected rate cuts and labor strength may boost risky assets. Although tensions in the Middle East have affected Bitcoin in its historically strong month, this decline is temporary and the "October Rise" rebound is expected to prevail.