QCP Capital: The macro environment is favorable for cryptocurrencies, and China's loose policies and the Fed's interest rate cut expectations boost the market

QCP Capital's latest report points out that the current macro environment is increasingly favorable for risky assets, including cryptocurrencies. The People's Bank of China has introduced a series of policies to stimulate the real estate and stock markets, including a 500 billion yuan swap facility for non-bank financial institutions, and these measures have begun to bear fruit. QCP Capital expects China to further relax its policies, and with the Federal Reserve likely to join the global rate cut cycle, major central banks (except the Bank of Japan) are ready to inject more liquidity into the market. The spread between the US 2-year and 10-year Treasury yields continues to widen, currently reaching 21 basis points, indicating that the market is optimistic about economic growth. In addition, US Vice President Kamala Harris has expressed positive views on artificial intelligence and digital assets, triggering a rise in related currencies. The US Securities and Exchange Commission (SEC) approved options trading for BlackRock Bitcoin Spot ETF (IBIT), showing that digital assets as an asset class are gaining more recognition and demand.