Ethereum

Reserve

Chair

Trillion

<ul>
 <li><strong>Crypto market declines as bearish sentiment drives sharp sell-off and liquidations.</strong></li>
 <li><strong>Powell hints at rate cuts to prevent job market cooling excessively.</strong></li>
</ul>
<p>The cryptocurrency market has been under bearish pressure, with bearish sentiment driving a 5.58% decline in overall market capitalization. Bitcoin, the leading cryptocurrency, dropped to an eight-day low of $58,034, marking a 5% decline. <a href="https://thenewscrypto.com/will-ethereum-recover-after-slumping-below-2500/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> also faced a sharp <a href="https://coinmarketcap.com/" target="_blank" rel="noopener noreferrer nofollow">downturn</a>, briefly falling to a 20-day low of $2,481.&nbsp;</p>
<p>Amid this turmoil, QCP Broadcast observed that Federal Reserve Chair Jerome Powell’s comments at the Jackson Hole symposium were notably dovish. Powell indicated that the “time has come” to lower interest rates to prevent the job market from cooling excessively. This sentiment is further underscored by last week’s significant job revision of -800,000, increasing the likelihood of the Fed prioritizing the prevention of a job market collapse. According to <a href="https://t.me/QCPbroadcast/1306" target="_blank" rel="noopener noreferrer nofollow">QCP</a>, the threshold for a 50 basis point rate cut in September is now considerably lower.</p>
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  <p lang="en" dir="ltr">QCP: We believe that any dip in equities (and crypto) will be short-lived. With Powell and the Fed ready to kickstart a rate-cutting cycle, increased liquidity will eventually push risk assets higher. We are finally on the cusp of a rate-cutting cycle. The market is currently…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1828742120301375807?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 28, 2024</a>
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 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h3 class="wp-block-heading" id="h-can-market-recover">Can Market Recover?</h3>
<p>The market is currently pricing in four rate cuts for 2024, despite only three meetings remaining. Meanwhile, US equity markets have shown resilience, nearing all-time highs. However, QCP Broadcast remains cautious, suggesting that equities might peak again due to declining trading volumes and the upcoming earnings report from Nvidia (NVDA). NVDA options are pricing in up to a 10% move higher.</p>
<p>Despite the current downturn, the belief persists that any dip in equities and crypto will be short-lived. With Powell and the <a href="https://thenewscrypto.com/fed-rate-cut-speculation-surges-as-investors-await-key-inflation-data/" target="_blank" rel="noopener noreferrer nofollow">Fed</a> poised to initiate a rate-cutting cycle, increased liquidity is expected to drive risk assets higher, potentially providing a much-needed boost to both equities and cryptocurrencies in the near future.</p>
<p>Also, it is to be worth noting that $110 million was liquidated from the market in recent hours. It highlights the severity of the sell-off.</p>
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Can Upcoming Fed Rate Cuts Spark a Crypto Market Recovery?

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