QCP Capital: Anticipated Increase in Liquidity Could Drive Cryptocurrency Prices Higher as Global Central Banks Begin to Ease Monetary Policy

According to Bitget, QCP issued a daily report stating that cryptocurrencies continue to consolidate below the key level of 64,000 due to a lack of macro catalysts from the U.S. BTC remains range-bound between 62,000 and 64,000, while ETH is trading in the low 2,600s.
Micron (MU) jumped 16% ahead of today's open as it raised its Q4 revenue forecast. The market expects other chip companies like Nvidia (NVDA) to follow suit. Given that a rally in Nvidia stock tends to drive a rally in cryptocurrencies, could this be the catalyst needed to pull BTC above 64,000?
Key macro events to watch out for today include US GDP data and comments from Fed Chairman Jerome Powell. Markets will be watching Powell's remarks closely to see if there is any change in market sentiment following last Thursday's FOMC press conference, which signaled the potential for further Fed easing.
Overnight, presidential candidate Kamala Harris reiterated her support for cryptocurrencies for the second time this week, promising to position the U.S. as a dominant force in “artificial intelligence, quantum computing, and blockchain.” She also reiterated the inclusion of “digital assets” in her economic plan.
With both presidential candidates pledging support for cryptocurrencies, the election of either candidate would be a victory for the U.S. cryptocurrency ecosystem. We are bullish on a long-term structure with unlimited upside to capitalize on a possible parabolic rise in price.