**Bitcoin (BTC)** and **Ethereum (ETH)** prices have dropped due to stronger-than-expected U.S. jobs data, reducing hopes for a Federal Reserve interest rate cut in September. However, **QCP Capital**, a Singapore-based trading firm, advises investors to **buy the dip** as markets anticipate **at least one Fed rate cut in 2024**. This is because it will be difficult for the U.S. to ignore rate cuts by other central banks, including the **European Central Bank** and the **Bank of Canada**, who recently initiated an easing cycle. QCP notes bullish flows in the market, particularly in BTC, suggesting buying activity and confidence in a potential rebound.

Markets will increasingly price in at least one Fed interest-rate cut for 2024, QCP Capital said.

MarketsMarkets will increasingly price in at least one Fed interest-rate cut for 2024, QCP Capital said. By Omkar GodboleJun 10, 2024 at 8:21 a.m. UTCUpdated Jun 10, 2024 at 8:24 a.m. UTCShare on FacebookShare on LinkedInShare on X(sergeitokmakov/Pixabay)Share on FacebookShare on LinkedInShare on XBTC, ETH's post-payrolls report price drop is a good opportunity to buy the dip, QCP said.The Fed will find it difficult to ignore G7 interest-rate cuts, the trading firm added.Bitcoin (BTC) and ether (ETH) have lost steam since Friday's hotter-than-expected U.S. jobs data damped hopes for a Federal Reserve interest-rate cut in September.The post-report price swoon in the two largest cryptocurrencies offers a good opportunity to pick up bargains, according to QCP Capital, a Singapore-based trading firm.Friday's non-farm payrolls data showed the U.S. economy added 272,000 jobs in May, way more than the 185,000 estimated and well ahead of April's downwardly revised 165,000. While the jobless rate ticked higher to 4%, average hourly earnings, the sticky inflation component, rose 0.4% month-on-month, above the expectation of a 0.3% rise.Markets immediately trimmed the probability of a 25 basis-point Fed rate cut in September to 60% from 85%, sending risk assets, including cryptocurrencies, lower. JPMorgan and Citi scrapped forecasts for a Fed rate cut in July, while some observers put rate increases or additional liquidity tightening back on the agenda. Bitcoin, which looked primed for a breakout above $72,000, fell almost 3% to $68,400, according to CoinDesk data. Ether and the CoinDesk 20 index followed bitcoin's lead.QCP Capital said the Fed will have trouble keeping rates elevated while other central banks reduce borrowing costs."Strong upside surprised on NFP (272K vs 182k), higher payrolls came with higher unemployment (3.9% to 4.0%). It was confusing enough to trigger a risk-off ahead of U.S. inflation numbers and FOMC," the firm said in a market update."We agree that this is a good opportunity to buy the dip as the markets will increasingly price in at least one Fed rate cut from here. It will be difficult for the U.S. to ignore as the rest of the world continues to cut rates," QCP Capital said.The European Central Bank and the Bank of Canada cut rates last week, leading the Group of Seven (G7) to start a so-called easing cycle. According to MacroMicro, the number of central banks whose most recent moves have been rate cuts has increased this year.Other central banks, including the Fed, may soon join the fray in tit-for-tat rate reductions (often called currency wars) as a part of a strategy to manage their burgeoning public debts, inadvertently boosting demand for alternative investments like cryptocurrencies."Our desk saw bullish flows on this dip, both sellers of aggressive puts and buyers of call spreads, especially in BTC," QCP said.Edited by Sheldon Reback.DisclosurePlease note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.Omkar GodboleOmkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.Follow @godbole17 on TwitterRead more aboutBitcoinEtherMarkets

Payrolls-Led Bitcoin, Ether Price Swoon Is 'Buy the Dip' Opportunity, Crypto Trading Firm Says

Buy the Dip in Bitcoin and Ether After Payrolls Surprise, Crypto Firm Says

**Bitcoin** is making headlines as it inches closer to its all-time high, with **altcoins** like **Ether (ETH)**, **Dogecoin (DOGE)**, **Pepe (PEPE)**, and **Cosmos (ATOM)** also rallying. Here's what's driving the market and what to watch next.

### Bitcoin's Bullish Momentum
Bitcoin recently broke above the **$100,000** mark, signaling strong bullish sentiment. The rally is supported by **19 consecutive days of inflows** into BlackRock's spot Bitcoin ETF (IBIT), totaling **$1.03 billion** in the latest week. This institutional demand is a key driver behind Bitcoin's upward trajectory.

![Bitcoin Price Chart](https://s3.tradingview.com/news/image/cointelegraph:9779d199e094b-3e41ebff5d7cb82a0dae5484e3ca6e44-resized.jpeg)

### Altcoins Join the Rally
While Bitcoin leads, altcoins are also showing strength:
- **Ether (ETH)**: Surged from **$1,808** to **$2,600** in just two days, with potential to reach **$3,000** if bullish momentum continues.
- **Dogecoin (DOGE)**: Broke above **$0.21**, with eyes set on **$0.31** if support holds.
- **Pepe (PEPE)**: Rallied sharply, with a breakout above **$0.000011** suggesting further gains.
- **Cosmos (ATOM)**: Broke out of a large base, targeting **$6.50** and potentially **$7.50**.

![Ether Price Chart](https://s3.tradingview.com/news/image/cointelegraph:9779d199e094b-24a6d6c556943bd6f7a5c6b0878fc0b7-resized.jpeg)

### Key Levels to Watch
- **Bitcoin**: A break above **$109,588** could propel it to **$130,000**. Support lies at **$100,000** and the 20-day EMA (**$96,626**).
- **Ether**: Support at **$2,320** and **$2,111** is critical for maintaining bullish momentum.
- **Dogecoin**: Holding **$0.21** is key for further upside.
- **Pepe**: Watch **$0.000011** as a crucial support level.
- **Cosmos**: Sustaining above **$5.15** could lead to a rally to **$6.50**.

![Dogecoin Price Chart](https://s3.tradingview.com/news/image/cointelegraph:9779d199e094b-94ad4d2d98c11761e8dca8e485cbd80a-resized.jpeg)

### Market Sentiment
The **RSI** for many cryptocurrencies is in the overbought zone, suggesting a potential pullback or consolidation. However, the overall sentiment remains **bullish**, with institutional inflows and breaking key resistance levels driving optimism.

Key points:Bitcoin BINANCE:BTCUSD made a decisive move above the psychologically crucial $100,000 level during the week, signaling that the bulls are back in the game. Buyers are trying to hold on to the 10% weekly gains over the weekend.Bitcoin’s rally has been backed by solid inflows into the Bla…

Bitcoin Nears All-Time High as Altcoins Show Strength: What's Next?

**Missouri is on the brink of a groundbreaking tax reform** that could eliminate capital gains tax entirely, a move with significant implications for crypto and stock traders. 

### **The Bill That Could Change Everything**
Missouri House Bill 594 has passed its final legislative vote and now awaits Governor Mike Kehoe’s signature. If signed, it would introduce a **100% income tax deduction on all capital gains**, including profits from digital assets like **Bitcoin and XRP**. 

At the time of writing, **Bitcoin is trading above $104,000** and **XRP holds at $2.38**, with both seeing gains as investors react to the news. 

### **A National Trend?**
This proposal comes shortly after former President Trump suggested a federal tax reform plan that would replace income tax with revenue from import tariffs. Trump mentioned, *“When tariffs cut in, many people’s income taxes will be substantially reduced, maybe even completely eliminated.”* 

### **What This Means for Investors**
Currently, Missouri taxes capital gains as ordinary income, with rates ranging from **0% to 4.7%**. For example, someone with **$350,000 in capital gains** would face a state tax of approximately **$16,273.55**. The new bill could erase this entirely, making Missouri a **tax haven for investors**. 

All eyes are now on Governor Kehoe, whose decision could position Missouri as the **most tax-advantaged state in the U.S. for crypto and stock investors**.

Missouri is on the brink of eliminating capital gains tax entirely, a move that could reshape investment incentives for crypto and stock traders.

Missouri Could Be the First State to Eliminate Capital Gains Tax on Bitcoin and Stocks

**The Rise of Crypto Casinos in Canada**

The online gambling scene in Canada is undergoing a significant transformation, thanks to the advent of crypto casinos. These platforms are gaining traction for their **unmatched security, anonymity, and convenience**, catering to the modern Canadian player's demand for a private and seamless gaming experience.

**Why JACKBIT Stands Out**

After a thorough evaluation of various crypto casinos, **JACKBIT** has emerged as the top choice for Canadian players. Here's why:

- **Extensive Game Library**: Boasting over **6,000 titles**, including slots, table games, and live dealers, JACKBIT offers something for every type of gambler.
- **Lightning-Fast Payouts**: Withdrawals are processed in minutes, a stark contrast to traditional casinos.
- **No KYC Policy**: Players can enjoy gaming without the hassle of identity verification, ensuring privacy and ease of access.
- **Lucrative Bonuses**: From welcome bonuses to ongoing promotions, JACKBIT provides ample opportunities to boost your winnings.

**The Appeal of Crypto Casinos**

The shift towards crypto casinos in Canada is driven by several factors:

- **Anonymity and Privacy**: Cryptocurrencies offer a level of anonymity that traditional payment methods can't match.
- **Speed and Lower Fees**: Transactions are not only faster but also come with lower fees, making them more economical for players.
- **Regulatory Environment**: Canada's progressive stance on cryptocurrencies has paved the way for the growth of crypto casinos.

**JACKBIT's Technological Edge**

Leveraging **blockchain technology**, JACKBIT ensures a secure and fair gaming environment. The platform's mobile optimization means players can enjoy a consistent experience across all devices.

**Final Thoughts**

JACKBIT represents the pinnacle of crypto gambling in Canada, combining a vast game selection, rapid payouts, and a commitment to player privacy. Its user-friendly interface and generous bonuses make it the go-to destination for Canadian crypto casino enthusiasts.

Looking for the best crypto casino in Canada? JACKBIT takes the top spot in 2025 with fast BTC payouts, no KYC, and games Canadians love...

JACKBIT Crowned Canada's Premier Crypto Casino for 2025 - What Sets It Apart?

## Bitcoin SV Investors Seek to Revive $13.3 Billion Claim Against Binance

Bitcoin SV (BSV) investors are making headlines as they appeal to the UK Court of Appeal to reinstate their claim against Binance. They argue that the **delisting of BSV in 2019** caused them to miss out on significant growth, potentially amounting to over **$13 billion** in losses. This claim hinges on the "forgone growth effect," suggesting BSV could have rivaled Bitcoin's value had it not been delisted.

### The Legal Battle Intensifies

The **Competition Appeal Tribunal** previously dismissed this specific claim, citing that investors could have mitigated losses by trading BSV for other cryptocurrencies. However, the investors' legal team contends that the **"loss of chance"** should be considered, as the delisting led to a **"permanent ongoing loss of value."**

### A Broader Class Action

This case is part of a larger **class action** involving other exchanges like Kraken, ShapeShift, and Bittylicious, which also delisted BSV. The lawsuit, representing an estimated **243,000 UK-based investors**, marks the UK's first collective cryptocurrency and competition case.

### The Craig Wright Controversy

Adding complexity to the case are allegations against **Craig Wright**, who falsely claimed to be Bitcoin's inventor, Satoshi Nakamoto. Critics argue that Wright's fraudulent claims influenced BSV's value, prompting exchanges to delist it to protect the cryptocurrency ecosystem.

### Legal and Practical Hurdles

Experts like **Ashley Fairbrother** highlight the **novelty and complexity** of such cases, noting the significant legal challenges investors face. Despite being well-resourced, the investors' success could inadvertently benefit Wright, raising ethical and legal questions.

This legal saga underscores the **intersection of cryptocurrency, law, and ethics**, setting a precedent for future disputes in the digital asset space.

Bitcoin SV (BSV) investors seek to restore a claim in a UK case that would allow them to seek the highest potential penalty against Binance.

Bitcoin SV Investors Battle Binance in $13.3 Billion 'Loss of Chance' Appeal - A Crypto Legal Drama Unfolds

**Dogecoin's price is making headlines again**, with a **27% surge this week**, reaching its highest point in two months. This comes as **Bitcoin flirts with its all-time high**, currently just **5% shy of the $108,786 mark** set earlier this year.

### Key Highlights:
- **Dogecoin (DOGE)** hit **$0.225**, marking a **9% increase in the last day alone** and a **27% jump over the week**.
- **Bitcoin (BTC)** is trading at **$103,700**, inching closer to its record high, fueled by **positive market sentiment**.
- **Ethereum (ETH)** leads the pack with a **32% weekly gain**, thanks to the successful **Pectra network upgrade** and optimistic global economic indicators.

### Market Dynamics:
- **Open interest for Dogecoin futures** has risen to **$2.52 billion**, the highest since mid-February, indicating **renewed trader confidence**.
- **Daily crypto market liquidations** exceeded **$1.1 billion**, with **Ethereum short traders bearing the brunt** of the market's upward movement.

### Meme Coins and Beyond:
While **Dogecoin shines**, other meme coins like **Moo Deng (MOODENG) and Peanut the Squirrel (PNUT)** have seen even **more dramatic gains**, with MOODENG nearly **tripling in price** this week.

### Why Ethereum is Outperforming Bitcoin:
Analysts point to **Ethereum's flawless technical upgrade** and **hopeful global economic signs** as key drivers behind its **explosive gains**, suggesting **significant upside potential** after a period of stagnation.

Dogecoin's price is barking its way back up the charts this week as Bitcoin nears $104,000—but Ethereum is outgaining them both.

Dogecoin Surges 27% Amid Bitcoin's Record-Breaking Rally - What's Driving the Crypto Market?

**Michael Saylor**, the founder of Strategy, recently shared his insights on why Bitcoin has yet to reach the $150,000 mark. According to Saylor, the primary reason is the **sell-off by holders lacking a long-term outlook**, while a new wave of investors begins to enter the market.

### The Rotation Phenomenon
"I think we’re going through a rotation right now," Saylor mentioned during his appearance on the *Coin Stories* podcast with Natalie Brunell on May 9. He pointed out that many Bitcoin holders, including governments, lawyers, and bankruptcy trustees, do not possess a **10-year investor mindset**. This lack of commitment has led to significant sell-offs as Bitcoin's price began to rally.

![Cryptocurrencies, Bitcoin Price, Michael Saylor](https://s3.tradingview.com/news/image/cointelegraph:12fe25828094b-c3dc6a741b3091c7c06af4dbac8d8d79-resized.jpeg)

### New Investors Entering the Market
Despite the sell-offs, Saylor highlighted the entrance of a **new cohort of investors** through **ETFs and Bitcoin treasury companies**. This shift is seen as a positive development for the long-term growth of Bitcoin.

### Bitcoin's Price Journey
After hitting an all-time high of **$109,000** on Jan. 20, Bitcoin experienced a downtrend, dropping to **$76,273** by April 9. However, it has since shown signs of recovery, reclaiming **$100,000** on May 8 following US President Donald Trump's proposed tariffs.

### Strategy's Bitcoin Holdings
Strategy's Bitcoin holdings are now **50.27% above their average purchase price** of $68,569. The firm currently holds **555,450 Bitcoin**, valued at approximately **$57.23 billion**, according to Saylor Tracker data.

### US Government's Surprising Stance
Saylor expressed surprise at the **US government's rapid and positive shift** in sentiment towards Bitcoin post-Trump's inauguration. "I didn’t expect all the Cabinet members to be so enthusiastic," he admitted.

Strategy founder Michael Saylor says Bitcoin hasn’t reached $150,000 yet because holders without a long-term outlook have been selling off while a new cohort of investors are beginning to enter the market.“I think we’re going through a rotation right now,” Saylor said on the Coin Stories podcast wi…

Buy the Dip in Bitcoin and Ether After Payrolls Surprise, Crypto Firm Says

Summary:

Payrolls-led price drop in BTC and ETH presents a buying opportunity.

QCP Capital predicts at least one Fed rate cut in 2024 due to global easing trends.

The Fed will struggle to keep rates high while other central banks reduce borrowing costs.

Other central banks may join in currency wars, boosting demand for alternative investments like crypto.

QCP reports bullish flows in BTC, indicating buying interest.

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Dogecoin Surges 27% Amid Bitcoin's Record-Breaking Rally - What's Driving the Crypto Market?

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