QCP Says Crypto May Stay Range-Bound as Strategy Buying Helps Bitcoin Reclaim $65,000
Summary
- QCP Capital said Bitcoin’s recovery above $65,000 was driven by additional buying from Strategy.
- It said Strategy bought 520 Bitcoin and increased its cash holdings to $1.4 billion, easing liquidity concerns.
- QCP said the risk-asset investment environment remains mixed amid a drop in the Nasdaq index, pressure on large-cap tech stocks, and a weaker dollar.
Forecast Trend Report by Period
QCP Capital said the cryptocurrency market is likely to remain range-bound for now.
In a market report cited by Odaily on June 23, the firm said Bitcoin’s recent move back above $65,000 was driven by additional purchases from Strategy. The company bought 520 more Bitcoin a day earlier and increased its cash holdings by $300 million to $1.4 billion.
QCP said liquidity concerns had eased after the period during which Strategy can secure funding for preferred dividend payments extended to about 10 months. It added that STRC, Strategy’s preferred stock product, has also moved back above $90.
Even so, the environment for risk assets remains mixed. The report said the Nasdaq index fell about 1%, large-cap technology stocks are under pressure, and the weaker dollar has renewed speculation that the Bank of Japan could intervene in the foreign-exchange market.
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