QCP Capital: Changes in ETH/BTC exchange rates indicate a shift towards ETH in the market, with a rebound affected by the appointment of the US Treasury Secretary
Odaily Planet Daily News: QCP Capital posted on its official Telegram channel that as the holiday approaches, Bitcoin seems to have found a comfort zone above $93000. At the same time, MicroStrategy recently purchased $5.4 million worth of BTC at an average price of $97862, causing its stock price to drop by 35%. Nevertheless, MSTR's stock price has found support near its 20 day moving average, maintaining its intraday low and expected to gain support above $350. After BTC fell, ETH is recovering, rising more than 4% yesterday, while BTC fell 1.5% during the same period. The ETH/BTC exchange rate surged 13% from its post election low of 0.0318 to 0.0366, indicating that the market is shifting towards ETH. ETH's performance even surpassed the broader CoinDesk 20 index, which only rose by 0.5%. Wall Street hit a historic high after Trump nominated Scott Besant as Treasury Secretary, boosting market sentiment. The Dow Jones Industrial Average surged 439 points (0.49%) to 44860 points, the S&P 500 index broke through the 6000 point mark, and the Nasdaq Composite Index rose 0.75%. Besant outlined his "Three Arrows" strategy for the US economy, aiming to achieve a budget deficit of 3%, GDP growth of 3%, and an increase in daily oil production of 3 million barrels by 2028. Besant's market friendly strategy and potential willingness to ease Trump's tariff policies have fueled optimism, driving a widespread rebound in the entire market, with risk assets leading the gains