According to a recent BlockBeats news report, QCP Capital released a research paper claiming that Bitcoin has entered a new stage. As it approaches the $90,000 mark, it has solidified its role as an asset held by businesses, governments, and institutions. Demand for Bitcoin ETFs has reached a new record, with a massive inflow of $2.28 billion in just three days.
Following the US election last week, Bitcoin ETFs attracted $18 billion in funds, and the market is adapting to Bitcoin’s new highs with strong demand. Meanwhile, meme coin activity has also gained momentum. DOGE surged on Tuesday night, extending a post-election rally after Trump’s announcement of the Department of Government Efficiency, or DOGE.
Elon Musk and former Republican candidate Vivek Ramaswamy will lead the new department, aiming to dismantle government bureaucracy, cut redundant regulations, and streamline federal agencies. DOGE surged nearly 20% to trade at $0.37 in the morning, briefly touching $0.43, and is up 153% since Election Day, outperforming Bitcoin’s 30% gain.
Today’s focus is on the release of CPI and core CPI. October’s CPI and core CPI are expected to stabilize at 0.2% and 0.3%, respectively, while the annualized CPI is expected to increase by 2.6%. The market is pricing in a 70% probability of a final rate cut at the December meeting. However, today’s CPI data, PCE data to be released on November 27, and potential policy changes from Trump may all impact the Fed’s final decision.
