Alisa Davidson
Published: September 04, 2024 at 5:42 am Updated: September 04, 2024 at 5:42 am
Edited and fact-checked:
September 04, 2024 at 5:42 am
In Brief
QCP Capital shared an analysis, warning that its Volatility Momentum Indicator for Bitcoin and Ethereum triggered an alarm this morning.
Singapore-based cryptocurrency trading firm QCP Capital shared its latest market analysis, warning that its Volatility Momentum Indicator (VMI) for Bitcoin and Ethereum triggered an alarm this morning. This implies that the cryptocurrency market is likely entering a phase of heightened volatility. However, the signal does not specify the direction of price movements, only that substantial price fluctuations may be anticipated in the near term.
The firm noted that historically, transitioning from yield-generating strategies to long convexity, buying options, in response to such signals has been effective in optimizing portfolio returns.
Bitcoin And Ethereum Experience Declines Amid ETF Outflows And Market Uncertainty
At the time of reporting, BTC is trading at $56,747, indicating a dip of more than 3.47% in the past 24-hours. Its intraday low and high were recorded at $55,676 and $59,287. This downward trend is associated with $287.78 million in outflows from Bitcoin exchange-traded funds (ETFs) as of September 3rd. Investor concerns are also influencing the market, with apprehension regarding upcoming price movements due to potential interest rate hikes by the Bank of Japan.
In addition, Bitcoin’s market dominance stands at 56.19%, decreasing 0.09% over the past day.
Meanwhile, ETH is priced at $2,403, registering a decline of 4.02% throughout the past day. Its low and high are $2,313 and $2,515. According to the data from Soso Value, spot Ethereum ETFs experienced $47.40 million in outflows as of September 3rd. This decrease in price is consistent with the reported market statistics.
The global cryptocurrency market capitalization is at present $2 trillion, marking a 3.30% downturn in the past 24 hours. On the contrary, the total cryptocurrency market volume has risen by 28.60%, reaching $69.72 billion for the day, as reported by CoinMarketCap.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
As we navigate through the ups and downs of the cryptocurrency market, it’s crucial to stay informed and make educated decisions. The warnings from QCP Capital about increased volatility in Bitcoin and Ethereum should serve as a reminder to all investors to tread carefully in these uncertain times.
Remember, always do your research, seek advice from trusted sources, and never invest more than you can afford to lose. The world of digital finance is ever-changing, and it’s essential to stay ahead of the curve to make the most of your investments.
For more trending news articles like this, be sure to check out DeFi Daily News for the latest updates in the cryptocurrency and decentralized finance world.
Stay informed, stay safe, and happy investing!
