QCP Capital: Weakened U.S. dollar is positive for BTC

Singapore-based crypto trading firm QCP Capital noted via its official Telegram that Bitcoin (BTC) has seen signs of a rebound despite its recent brief drop below $80,000. On March 10, the S&P 500 and Nasdaq indexes slumped 2.7% and 3.8%, respectively. "The Magnificent 7 lost over $830 billion, marking the largest single-day loss in history for these names," QCP stressed. Moreover, the trading volumes of U.S. equities put options have also soared to their highest level since 2020, suggesting that bearish sentiment is now in full swing. In particular, U.S. President Donald Trump's recent comments about a potential economic recession have deteriorated market sentiment towards risk assets, further driving BTC to slip below $80,000. However, QCP highlights two favorable catalysts for both the U.S. equities and crypto markets, including the dollar's continued weakening and a roughly 60 basis point decline in the 10-year U.S. Treasury yields.