QCP Capital: Forex Markets and New Hampshire Legislation Driven Bitcoin's Rise Today

QCP Capital issued an article on its official channel saying that the fluctuation of the Taiwan dollar quickly spread to the regional foreign exchange market, the Hong Kong dollar/US dollar currency pair was obviously impacted, and the Hong Kong dollar exchange rate climbed to the strong end of the trading range, close to the lower limit of the pegged exchange rate with the US dollar at 7.75. HKMA took decisive action and sold a total of 73.30 billion Hong Kong dollars in two operations to defend the linked exchange rate system. The effect was remarkable. The Hong Kong interbank interest rate fell sharply across the board, and hedge funds were positioned squaring the US dollar/Hong Kong dollar carry trade. The one-month interest rate fell by nearly 60 basis points in a single day. The current market is temporarily stable, but if the Hong Kong dollar continues to strengthen, the HIBOR interest rate may fall again, and the position squar The positioning squaring in the foreign exchange market also sparked speculation of an easing of US trade tensions, with bitcoin reacting quickly, rising 3% to $97,000, erasing the weekend's losses. But the rally was not driven solely by the foreign exchange market.
Another catalyst came from New Hampshire, where the governor approved a landmark measure to create the nation's first state-level bitcoin reserve. The legislation allows up to 5% of public funds to be allocated to cryptocurrencies and precious metals. As it stands, bitcoin is the only digital asset that qualifies because the market cap threshold is set at $500 billion. While this is only a small policy adjustment at the state level, it is a big step forward for the institutionalized future of cryptocurrencies.