News Report Technology
November 13, 2024

QCP Capital: Bitcoin Enters ‘New Phase,’ Reinforcing Its Position As Treasury Asset Held By Corporations, Governments, And Institutions

In Brief

QCP Capital notes that Bitcoin has entered a “new phase” after nearing the $90,000 mark, reinforcing its position as a treasury asset held by corporations, governments, and institutions.

QCP Capital: Bitcoin Enters ‘New Phase,’ Reinforcing Its Position As Treasury Asset Held By Corporations, Governments, And Institutions

Singapore-based cryptocurrency trading firm QCP Capital released its latest analysis, noting that Bitcoin has entered a “new phase” after nearly reaching the $90,000 mark. This reinforces BTC’s position as a treasury asset, increasingly being held by corporations, governments, and institutions.

The firm pointed out that Bitcoin exchange-traded funds (ETFs) are experiencing unprecedented demand, with $2.28 billion in inflows over just three days. Following last week’s US elections, Bitcoin ETFs attracted $1.8 billion, and this week began with another $1.1 billion in net inflows. QCP Capital observes that the market is adjusting to these new highs for BTC, with demand stronger than ever.

In addition, activity around memecoins has surged. DOGE saw a notable rise Tuesday night, driven by a post-election rally after Donald Trump announced the creation of the Department of Government Efficiency, referred to as “DOGE.” Tesla’s Elon Musk and former Republican candidate Vivek Ramaswamy are set to lead the department, which aims to “dismantle government bureaucracy, cut excessive regulations, and streamline federal agencies.” DOGE surged nearly 20%, reaching $0.37 by early morning after briefly touching $0.43. The memecoin has risen 153% since election day, outpacing Bitcoin’s 30% increase, and has recently overtaken XRP to become the sixth-largest cryptocurrency by market capitalization.

Attention today is on the release of the Consumer Price Index (CPI) and core CPI data, which are expected to remain steady at 0.2% and 0.3% for October, respectively. Annual CPI is projected to increase by 2.6%. Markets are pricing in a 70% likelihood of a rate cut at the Federal Reserve’s December meeting, but today’s CPI report, the upcoming PCE release on November 27th, and potential policy shifts from Donald Trump could all influence the Federal Reserve’s final decision.

Bitcoin Trades Above $87,500 Mark Amid Strong ETF Inflows 

As of the current writing, Bitcoin is trading at $87,758, marking a 0.31% increase in the last 24 hours. Its price fluctuated between an intraday low of $85,155 and a high of $89,828. Bitcoin’s market capitalization has reached $1.74 trillion, while its market dominance has risen by 0.66%, now standing at 59.71%. 

The cryptocurrency has been buoyed by positive market sentiment, bolstered by strong inflows into spot Bitcoin ETFs in recent days, with BlackRock playing a leading role, according to SoSoValue data. Additionally, Bitcoin has garnered extra attention following the revelation of Donald Trump’s Bitcoin holdings post-US elections.

On the other hand, the global cryptocurrency market capitalization has decreased by 0.94%, now totaling $2.91 trillion. However, the overall market volume saw a decline of 28.88%, dropping to $261.1 billion, as reported by CoinMarketCap.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Hot Stories
Join Our Newsletter.
Latest News

The Calm Before The Solana Storm: What Charts, Whales, And On-Chain Signals Are Saying Now

Solana has demonstrated strong performance, driven by increasing adoption, institutional interest, and key partnerships, while facing potential ...

Know More

Crypto In April 2025: Key Trends, Shifts, And What Comes Next

In April 2025, the crypto space focused on strengthening core infrastructure, with Ethereum preparing for the Pectra ...

Know More
Read More
Read more
EthCC In Cannes: Where Crypto Narratives Are Written — XPR.Group Recap
Lifestyle News Report Technology
EthCC In Cannes: Where Crypto Narratives Are Written — XPR.Group Recap
July 18, 2025
EnclaveX Unveils EdgeBot: The First Telegram-Based Trading Bot Native To Avalanche
News Report Technology
EnclaveX Unveils EdgeBot: The First Telegram-Based Trading Bot Native To Avalanche
July 18, 2025
Outer Edge DC Partners With GBA For Reimagined FoMGL Summit, Bringing Global Leaders Together At Capitol Hill
Business Lifestyle News Report Technology
Outer Edge DC Partners With GBA For Reimagined FoMGL Summit, Bringing Global Leaders Together At Capitol Hill
July 18, 2025
DePIN × RWA Takes Center Stage At DePIN Expo 2025, Advancing On-Chain Innovation For Physical Assets
Lifestyle News Report Technology
DePIN × RWA Takes Center Stage At DePIN Expo 2025, Advancing On-Chain Innovation For Physical Assets
July 18, 2025