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Deythere > News > News > Why Is Bitcoin Rising? What’s Next for the Biggest Cryptocurrency? QCP Capital Answers!
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Why Is Bitcoin Rising? What’s Next for the Biggest Cryptocurrency? QCP Capital Answers!

recent rise of Bitcoin BTC with elements representing key factors such as U.S. elections regulatory discussions and econ
Milena Volodina
Last updated: October 15, 2024 1:04 pm
By
Milena Volodina
Published October 15, 2024
3 Min Read
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Bitcoin (BTC) has continued its upward momentum, gaining an additional 2.4%, briefly reaching a peak of $66,500 before stabilizing around the $65,000 mark. Supported by strong spot demand, the top cryptocurrency maintains its positive outlook. According to QCP Capital, several factors are contributing to Bitcoin’s recent rise. Analysts point to developments related to the U.S. elections, regulatory announcements, and global economic moves as key drivers of this price movement.

Contents
  • Election Uncertainty and New Regulatory Approaches
  • Geopolitical Risks Easing, Record Inflows to ETFs

Election Uncertainty and New Regulatory Approaches

Optimism in the cryptocurrency market has been fueled by expectations surrounding the U.S. elections. Particularly, Donald Trump’s rise in the polls has created a sense of security in the markets. Additionally, U.S. Vice President Kamala Harris has been sending more favorable signals regarding cryptocurrency regulations, which has further supported the market. Harris’ friendlier tone has generated excitement within the sector, contrasting with the previous hardline stance taken by the Biden administration.

At the same time, some investors are thought to be shifting their capital from Chinese stocks to Bitcoin following disappointment over China’s economic stimulus measures. QCP Capital had previously highlighted this possibility in their analyses. Additionally, the delay of Mt. Gox repayments for another year has relieved potential selling pressure on Bitcoin, positively impacting its price.

QCP
Screenshot

Geopolitical Risks Easing, Record Inflows to ETFs

QCP Capital also noted positive geopolitical developments. Reports suggesting that Israel may refrain from attacking Iran’s energy and nuclear infrastructure have helped ease concerns in the markets.

Meanwhile, demand for spot Bitcoin ETFs continues to rise. On Monday, there was a $555 million net inflow into Bitcoin ETFs, the largest since June 4th. Analysts suggest that with no major inflation or employment data expected to be released soon, risk premiums in the crypto market are reduced, providing a more favorable environment for growth.

With October typically showing strength in the second half of the month, QCP Capital sees new opportunities for investors. They recommend strategies that offer high returns at zero cost. If optimism surrounding the U.S. elections persists, Bitcoin is likely to continue its upward trend.

For more insights on cryptocurrency developments, follow Dey There.

Bitcoin, U.S. elections, cryptocurrency regulations, Bitcoin ETFs, geopolitical risks

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ByMilena Volodina
Milena Volodina is a blockchain strategist and cryptocurrency expert with 9 years of experience in the industry. With a background in finance and technology, Milena has worked on numerous blockchain projects, including the development of decentralized finance (DeFi) platforms and blockchain-based financial services. Her expertise in both the technical and financial aspects of blockchain technology allows her to provide a comprehensive view of the industry. At DT NEWS, Milena offers readers expert analysis and insights into the latest trends and innovations in the blockchain and cryptocurrency world, ensuring they stay informed about key developments.
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