Markets News Report
October 17, 2024

QCP Capital: Bitcoin Enters Period Of High Volatility As US Election Approaches

In Brief

QCP Capital noted that the US election is a major catalyst for Bitcoin, and there is still uncertainty regarding its trajectory after the event.

QCP Capital: Bitcoin Enters Period Of High Volatility As US Election Approaches

Singapore-based cryptocurrency trading firm QCP Capital released its latest market analysis, noting that Bitcoin experienced a 2.20% rally last night, driven by strong spot demand. The cryptocurrency briefly reclaimed the $68,000 mark before stabilizing around $67,000.

During US trading hours, the market saw notable buying activity in long-dated contracts for March 28th, with 600 contracts featuring a strike price of $120,000. This trend suggests a return of optimistic long-term buyers in the current rebound.

Additionally, Bitcoin exchange-traded funds (ETFs) saw an influx of $456 million yesterday, marking a four-day streak of net inflows. These capital inflows could signal that BTC might challenge its all-time high of $73,790 once more.

However, QCP Capital cautioned that the upcoming US election is the next major catalyst for Bitcoin and the broader cryptocurrency market. There is still uncertainty regarding Bitcoin’s trajectory after the election. Options set to expire around the election date are trading at a 10% premium compared to other expiration options. With market attention focused on the election, any changes in polling or the candidates’ campaign narratives are likely to have an impact on spot prices, the firm notes.

Bitcoin Trades At $67,080, While Crypto Market Faces Slight Decline

As of the current writing, Bitcoin is trading at $67,080, reflecting a decline of more than 1.03% over the past 24 hours. The cryptocurrency recorded an intraday low of $66,805 and a high of $68,039. Currently, Bitcoin’s market capitalization stands at $1.33 trillion, with its market dominance increasing by 0.03% to 57.65%.

Meanwhile, the global cryptocurrency market capitalization has experienced a slight decrease of 0.74%, bringing it to $2.3 trillion at the time of writing. Additionally, the cryptocurrency market volume has dropped by 29.19%, now totaling $69.95 billion, according to data from 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

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
HyveDA Unveils X Committee In Partnership With Lido, Lists wstETH As First Collateral
News Report Technology
HyveDA Unveils X Committee In Partnership With Lido, Lists wstETH As First Collateral
November 21, 2024
Bitfinex: Bitcoin Jumps 39.5% In Nine Days, Indicating Surge In Investor Interest
News Report Technology
Bitfinex: Bitcoin Jumps 39.5% In Nine Days, Indicating Surge In Investor Interest
November 21, 2024
The Rise of the UAE as a Strategic Hub for Web3 Gaming Innovation and International Collaboration
Opinion Lifestyle Markets Technology
The Rise of the UAE as a Strategic Hub for Web3 Gaming Innovation and International Collaboration
November 21, 2024
Bybit Launches Gold & FX Treasure Hunt Competition, Offering Real Gold Rewards
News Report Technology
Bybit Launches Gold & FX Treasure Hunt Competition, Offering Real Gold Rewards
November 21, 2024