Cryptocurrency analytics agency QCP Capital has launched its newest market report, masking necessary subjects such because the US presidential race, inflation knowledge, and key developments within the crypto market.
QCP Capital highlighted the talk between former President Donald Trump and Vice President Kamala Harris as a significant occasion of the week, regardless of the shortage of any dialogue on cryptocurrency. Harris, who showcased her intensive authorized expertise in the course of the debate, obtained notable assist from pop star Taylor Swift, a determine of great affect.
Harris at present has a slight lead within the race, with a barely above 50% probability of changing into the primary feminine president of the USA, in response to Polymarket estimates.
When it comes to financial knowledge, Wednesday’s Client Worth Index (CPI) report matched expectations with a 2.5% enhance on an annual foundation. That end result raised the chance of a 25 foundation level (bps) price lower to 85%. Nonetheless, Thursday’s core Producer Worth Index (PPI) knowledge got here in barely weaker than anticipated (2.4% versus a 2.5% estimate). That has created uncertainty out there, with traders pricing in a 50/50 probability of a 25 or 50 foundation level price lower.
Following the PPI knowledge, gold costs rose to an all-time excessive and continued to rise as traders sought refuge in protected haven property.
QCP Capital famous constructive inflows into Bitcoin exchange-traded funds (ETFs) on 4 out of 5 days this week, with $263.2 million added to these funds on Friday alone, a notable distinction to web outflows final week.
In the meantime, outflows from the Grayscale Bitcoin Belief (GBTC) have slowed, with $6.7 million inflows recorded on Friday.
Industrial IT firm MicroStrategy, recognized for its heavy funding in Bitcoin, introduced on Friday that it has bought an extra 18,300 BTC, bringing its whole property to 244,800 BTC.
The worth of Bitcoin surged to $60,000 final evening, resulting in the liquidation of roughly $50 million value of brief positions.
As well as, the choices market has proven renewed curiosity in Ethereum (ETH). Greater than 20,000 contracts concentrating on a $3,000 worth stage had been bought by Dec. 27, indicating rising optimism a couple of potential rally for ETH earlier than the tip of the 12 months.
*This isn’t funding recommendation.