QCP Capital: Forex markets and New Hampshire legislation drive Bitcoin gains today

05/07 10:25

QCP Capital stated in its official channel that the rapid fluctuations of the Taiwan dollar have quickly affected the regional foreign exchange market. The Hong Kong dollar/US dollar currency pair has been significantly impacted, with the Hong Kong dollar exchange rate rising to the strong end of the trading range, approaching the lower limit of the pegged exchange rate of 7.75 to the US dollar. The Hong Kong Monetary Authority took decisive action, selling a total of 73.3 billion Hong Kong dollars in two operations to defend the linked exchange rate system. The effect was significant, with interbank offered rates in Hong Kong banks plummeting across the board. Hedge funds have been closing out their US dollar/Hong Kong dollar carry trade positions, with 1-month interest rates plummeting by nearly 60 basis points in a single day. The market is currently stable, but if the Hong Kong dollar continues to strengthen, the HIBOR rate may fall further, leading to a more disorderly situation of closing out positions. The closing out in the foreign exchange market has also sparked speculation in the market about the easing of tensions in US trade. Bitcoin quickly responded, rising by 3% to $97,000, erasing the weekend's losses. However, this increase was not solely driven by the foreign exchange market.
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