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QCP Capital: Bitcoin Enters 'New Phase' as Key Asset Held by Corporations, Governments and Institutions

QCP Capital: Bitcoin Enters 'New Phase' as Key Asset Held by Corporations, Governments and Institutions

Bitget2024/11/13 12:30

Bitcoin is approaching the $90,000 mark and entering a “new phase” of becoming an important asset held by corporations, governments and institutions, according to a new analysis by QCP Capital. Demand for Bitcoin ETFs is at an all-time high, with net inflows of $2.28 billion in three days. Bitcoin ETFs attracted $1.8 billion after the U.S. election, and the week got off to a strong start with another $1.1 billion in net inflows.
Meanwhile, dogcoin saw a big jump, hitting $0.43 after Trump announced the creation of the Department of Government Efficiency (“DOGE”), and is now trading at $0.37, up nearly 20%. Tesla CEO Musk and former Republican candidate Vivek Ramaswamy will lead the department, which aims to streamline federal agencies and cut excessive regulation. Dogcoin has risen 153% since Election Day, far outpacing Bitcoin's 30% gain, and leapfrogging XRP for sixth place in market capitalization.
The market is focused on today's CPI data, with the core CPI expected to remain unchanged at 0.3% in October and the annual CPI expected to rise 2.6%. Currently, the market expects a 70% probability of an eventual rate cut in December, but today's CPI, the November 27th PCE data, and potential Trump policy changes could all influence the Fed's final decision.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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