Summary
- Moody's downgraded the US credit rating, but Bitcoin remains stable, according to QCP Capital.
- QCP stated that Bitcoin is solidifying its position as a store of value due to institutional demand and the influx of Bitcoin spot ETFs.
- QCP reported that the overall virtual asset market is evaluated positively, with a structural bullish outlook being maintained.
Amid Moody's downgrading of the US credit rating, an analysis has emerged that Bitcoin (BTC) is still showing a positive outlook, unlike stocks.
On the 19th (local time), QCP Capital stated via Telegram, "After the US credit rating downgrade, the stock market shifted to a risk-off stance, but Bitcoin remains strong," adding, "Bitcoin is solidifying its position as a store of value." They further noted, "This is likely to act as a long-term upward driver."
They particularly focused on institutional demand for Bitcoin. QCP noted, "Bitcoin reached the $107,000 level due to large-scale purchases by Metaplanet and Strategy," adding, "Although it has since given back some gains, the price movement remains stable." They explained that the recent stable movement of Bitcoin is based on institutional demand and the influx of Bitcoin spot ETFs.
The overall sentiment in the virtual asset (cryptocurrency) market was also evaluated positively. The report stated, "The inclusion of Coinbase in the S&P 500 index and the high volatility index suggest an optimistic market sentiment," adding, "The structural bullish outlook is being maintained."
Meanwhile, on the 16th (local time), Moody's downgraded the US national credit rating from Aaa to Aa1.
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
