QCP Capital: The market reacts indifferently to Mt. Gox's sell-off, weak CPI data may boost future market trends

ChainCatcher news, according to the latest report from QCP Capital, BTC returned to $60,000 last night and stabilized at this level, completely reversing last Monday's sell-off. Despite Bitgo transferring $2 billion of Mt. Gox BTC last night, BTC still rose slightly, indicating that the market has begun to ignore this supply factor. The ETH spot ETF attracted fund inflows for two consecutive days, with a net inflow of $24.3 million on Tuesday.

Weak U.S. Producer Price Index (PPI) data led the market to expect a 50 basis point rate cut by the Federal Reserve in September with a probability of 52.5%. Tonight's U.S Consumer Price Index (CPI) data is highly anticipated; if it is weak it may support a rebound in risk assets such as stocks and cryptocurrencies.

In terms of trading suggestions, although the cryptocurrency market is supported by ETF fund inflows and BlackRock's buying on dips last week, due to lack of major catalysts it is expected there will be no significant breakthrough before the fourth quarter.