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QCP Capital: Bitcoin remains firmly driven by market sentiment, with little impact from this week's Federal Reserve meeting

ChainCatcher news, Singaporean crypto investment firm QCP Capital stated today that earlier in the Asian session, Bitcoin surged past $106,500, reaching another milestone. In the past 12 hours, the total amount of short liquidations reached approximately $151 million, driving this rally, as the weekend market lacked liquidity and traders became overly complacent (the funding rate on Deribit briefly turned negative), leading to a squeeze on short positions in the market. The Bitcoin-to-gold ratio reached an all-time high during this wave, further highlighting Bitcoin's status as "digital gold" and solidifying its position as a more popular store of value than traditional gold.The inclusion of MicroStrategy in the Nasdaq 100 index further boosted market sentiment. Michael Saylor hinted that even if the spot price exceeds $100,000, the company may continue to purchase Bitcoin. This inclusion could attract passive capital into MicroStrategy's stock, thereby indirectly making it easier for the company to raise funds to buy Bitcoin. This week's Federal Reserve meeting seems to be merely background noise for Bitcoin, as its movements remain firmly driven by market sentiment. Although the likelihood is low, if the Federal Reserve and Powell take an extremely dovish stance, it could still provide support for further increases in Bitcoin.
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