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Home»ALTCOIN NEWS»Coinbase Witnesses More Bitcoin and Altcoin Rally in Q4 Amid Favorable Macroeconomic Outlook
ALTCOIN NEWS

Coinbase Witnesses More Bitcoin and Altcoin Rally in Q4 Amid Favorable Macroeconomic Outlook

By Crypto FlexsSeptember 29, 20243 Mins Read
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Coinbase Witnesses More Bitcoin and Altcoin Rally in Q4 Amid Favorable Macroeconomic Outlook
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Coinbase, a leading US-based cryptocurrency exchange, believes that digital assets are poised for a major rebound in the coming months.

Recent changes in the macroeconomic backdrop suggest Bitcoin (BTC) and cryptocurrencies are poised for a fourth-quarter surge, Coinbase Institutional said in a new research report.

Coinbase said the Federal Reserve and the People’s Bank of China (PBOC) are pursuing easy monetary policies that have historically supported rising cryptocurrency prices.

“Looking forward, we maintain a constructive outlook for the fourth quarter based on our favorable view of the current macro environment, along with the unusual factors listed above.

For example, just last week we argued that one of the most important implications of the Federal Reserve’s decision to cut the rate by 50 basis points is that it provides room for other monetary authorities to take more stimulative action. .

Accordingly, China announced a large-scale dual fiscal and monetary stimulus package, including record interest rate cuts, stock liquidity support, and bank reserve ratio cuts. Existing loan burden.’”

The cryptocurrency exchange argues that while the labor market is showing signs of weakening, the US economy remains resilient.

“The 2Q24 GDP figure beat expectations by 3.0% (versus the median Bloomberg survey estimate of 2.9%), reaffirming our view that the risk of a near-term recession remains low.”

Coinbase also notes that crypto and stock markets have been moving in tandem recently, indicating that Bitcoin and the rest of the digital asset market will follow the S&P 500’s streak of new records.

“The correlation between cryptocurrencies and stock markets has recently risen to close to 50%, driven by global de-escalation campaigns in the US and China. Overall, key indicators suggest the market is robust. Funding interest rates are stable and open interest is close to the average of 6 months. Overall, with BTC rising on eight out of ten days in October, the market is generally well-positioned to head into a good month for cryptocurrencies.”

As of this writing, Bitcoin is trading at $65,846.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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