The leading cryptocurrency, Bitcoin, has risen from $26,000 to $35,000 in recent weeks.
While this rise of BTC made investors happy, it was stated that this rise was related to the spot ETF news.
However, cryptocurrency analysis company QCP Capital argued that the real driving force behind Bitcoin's price increase is macroeconomic factors.
At this point, QCP Capital stated that the recent rise in BTC was mainly due to macroeconomic factors, unlike spot ETF news.
“This latest Bitcoin rally was related to macroeconomic factors rather than spot ETF developments.
Because the Treasury supply forecast was lower than expected and the FED chairman's dovish statements caused bond yields to fall and risk assets to rise accordingly.
A rally higher here will require spot ETF approval.
“At this stage, only a big move by SEC Chairman Gary Gensler can push Bitcoin below $32,000.”
*This is not investment advice.