Ethereum

Bank

Chair

Wednesday

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>U.S. jobless claims report and CPI release could trigger new Bitcoin all-time highs, says QCP Capital.</li> 
 <li>Ethereum expected to outperform Bitcoin once spot Ethereum ETFs start trading.</li> 
</ul>  
<p>QCP Capital analysts believe that the upcoming U.S. jobless claims report and the Consumer Price Index (CPI) release might set the stage for <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/">Bitcoin</a> to reach new all-time highs. </p> 
<h2 id="market-expectations-and-bitcoin">Market Expectations and Bitcoin</h2> 
<p>The analysts also highlighted significant Bitcoin ETF inflows of $488.1 million on Wednesday and call buying. </p> 
<p>They suggested that potential rate cuts could further fuel the rally. </p> 
<p>The Bank of Canada was the first major central bank to cut interest rates this year, reducing them by a quarter-point to 4.75%. </p> 
<p>It is anticipated that the European Central Bank will also lower its rates to 4.25%. </p> 
<h2 id="ethereum-s-prospects">Ethereum’s Prospects</h2> 
<p><a href="https://crypto.ro/en/cryptocurrencies/ethereum/">Ethereum</a> briefly outperformed Bitcoin after the U.S. Securities and Exchange Commission approved 19b-4 forms for eight spot Ethereum ETFs from firms like BlackRock and Fidelity. However, these issuers still need their S-1 registration statements to go effective before trading begins. </p> 
<p>QCP Capital anticipates Ethereum to continue underperforming in the short term due to SEC Chair Gary Gensler’s comments that the spot Ethereum ETF S-1 approvals “will take some time.” </p> 
<p>Yet, they expect Ethereum to eventually surpass Bitcoin once the ETFs start trading. </p> 
<p>Ahead of the U.S. jobless claims report and Friday’s NFP release, the cryptocurrency market is relatively quiet. </p> 
<p>Bitcoin is trading mostly flat at $71,065 and Ethereum at $3,850, with the global crypto market cap standing at $2.78 trillion, a 0.6% increase in the last 24 hours. </p> 
<p>This week’s jobless claims and NFP data could provide insights into the labor market’s condition, potentially indicating when the U.S. Federal Reserve might adopt a looser monetary policy. </p> 
<p>This could also stimulate global stock markets and risk assets such as Bitcoin. </p> 
<p>Friday’s NFP data is likely to be the next major data point in determining the likelihood of an end to higher-for-longer rates. </p>

Jobless Claims and CPI Data May Propel Bitcoin to Record Highs, Predicts QCP Capital

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