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Bitcoin
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Ethereum
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$3,302.59 -0.65716
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BNB
BNB (BNB)
$694.75 0.79581
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Solana
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$191.52 -2.27851
Solana price
XRP
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$2.31 1.11233
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Shiba Inu
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$0.0000217 0.51645
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Pepe
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$0.0000177 -1.37152
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dogwifhat
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Popcat
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$0.550912 -13.07696
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Bitcoin
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$94,154.00 -0.48803
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Ethereum
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$3,302.59 -0.65716
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BNB
BNB (BNB)
$694.75 0.79581
BNB price
Solana
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$191.52 -2.27851
Solana price
XRP
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$2.31 1.11233
XRP price
Shiba Inu
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$0.0000217 0.51645
Shiba Inu price
Pepe
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$0.0000177 -1.37152
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Bonk
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dogwifhat
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Popcat
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$0.550912 -13.07696
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Bitcoin
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$94,154.00 -0.48803
Bitcoin price
Ethereum
Ethereum (ETH)
$3,302.59 -0.65716
Ethereum price
BNB
BNB (BNB)
$694.75 0.79581
BNB price
Solana
Solana (SOL)
$191.52 -2.27851
Solana price
XRP
XRP (XRP)
$2.31 1.11233
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000217 0.51645
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000177 -1.37152
Pepe price
Bonk
Bonk (BONK)
$0.0000281 -2.6957
Bonk price
dogwifhat
dogwifhat (WIF)
$1.60 -10.74083
dogwifhat price
Popcat
Popcat (POPCAT)
$0.550912 -13.07696
Popcat price

Bitcoin, crypto prices throttled by macro headwinds: QCP

bitcoin-crypto-prices-throttled-by-macro-headwinds-qcp
Edited by
News
Bitcoin, crypto prices throttled by macro headwinds: QCP

Crypto prices slipped this week as the Fed’s minutes revealed a hawkish outlook due to increasing inflation concerns.

Bitcoin (BTC) and the broader cryptocurrency market buckled on Jan. 9, extending a multi-day downturn with the total digital asset sector down 4% to $3.37 trillion in 24 hours.

A QCP Capital researcher wrote on Telegram that macro headwinds weighed on crypto prices after minutes from a Federal Reserve meeting shared late on Wednesday, Jan. 8. Fed governor Christopher J. Waller said the central bank would stagger any further rate cuts to curtail rising inflation risks.

The Fed indicated that they will slow down the pace of rate cuts given that the risks of inflation have increased. Yesterday’s ADP employment survey also added to macro uncertainty, showing a slowdown in both private sector hiring and wage gains. This heavily contrasted with Tuesday’s JOLTS jobs openings which painted a stronger labour market.

QCP Capital on crypto downslide

After a rebound to $95,200, Bitcoin fell below its key support level of $92,500. QCP noted that BTC could consolidate between $92,000 and $95,000 until the next rally. It could also visit the $90,000 level if $92,000 is breached, the trading desk said.

Bitcoin
24-hour BTC price chart – Jan. 9 | Source: crypto.news

Bitcoin could also face selling pressure from the U.S. government, as the Department of Justice reportedly approved $6.5 billion of seized Silk Road BTC for sale. The DOJ’s decision came shortly before the inauguration of President Donald Trump. Some crypto advocates speculated on the timing of the DOJ’s announcement due to Trump’s promises to halt all government BTC sales and establish a national reserve.

Yet, the impact of such a sale may be short-term due to demand from institutional giants like MicroStrategy and spot BTC exchange-traded funds on Wall Street. Trillion-dollar wealth manager Fidelity also expects more countries, companies, and governments to buy Bitcoin in 2025, which may boost market prices.