Analysis Company Analyzed What Happened This Week: What’s Ahead for Bitcoin?
The post Analysis Company Analyzed What Happened This Week: What’s Ahead for Bitcoin? appeared on BitcoinEthereumNews.com.
Cryptocurrency analytics firm QCP Capital has released its latest market report, covering important topics such as the US presidential race, inflation data, and key developments in the crypto market. QCP Capital highlighted the debate between former President Donald Trump and Vice President Kamala Harris as a major event of the week, despite the lack of any discussion on cryptocurrency. Harris, who showcased her extensive legal experience during the debate, received notable support from pop star Taylor Swift, a figure of significant influence. Harris currently has a slight lead in the race, with a slightly above 50% chance of becoming the first female president of the United States, according to Polymarket estimates. In terms of economic data, Wednesday’s Consumer Price Index (CPI) report matched expectations with a 2.5% increase on an annual basis. That result raised the probability of a 25 basis point (bps) rate cut to 85%. However, Thursday’s core Producer Price Index (PPI) data came in slightly weaker than expected (2.4% versus a 2.5% estimate). That has created uncertainty in the market, with investors pricing in a 50/50 chance of a 25 or 50 basis point rate cut. Following the PPI data, gold prices rose to an all-time high and continued to rise as investors sought refuge in safe haven assets. QCP Capital noted positive inflows into Bitcoin exchange-traded funds (ETFs) on four out of five days this week, with $263.2 million added to those funds on Friday alone, a notable contrast to net outflows last week. Meanwhile, outflows from the Grayscale Bitcoin Trust (GBTC) have slowed, with $6.7 million inflows recorded on Friday. Commercial IT company MicroStrategy, known for its heavy investment in Bitcoin, announced on Friday that it has purchased an additional 18,300 BTC, bringing its total assets to 244,800 BTC. The price of Bitcoin surged to…
Filed under: News - @ September 15, 2024 8:06 am