Today, the United States will release its October inflation data, including the Consumer Price Index (CPI) and Core CPI. According to QCP Capital’s analysis, these figures may influence the Federal Reserve’s decision on interest rate cuts in December. The market is anticipating a 70% probability of a final rate cut during this meeting. However, in addition to inflation data, the Personal Consumption Expenditures Index (PCE), set to be announced on November 27, and potential policy shifts from Donald Trump may also guide the Fed’s decision.
Record Demand for Bitcoin ETFs
Bitcoin (BTC) $90,621 has entered a new phase as its price approaches the $90,000 mark. Increasingly, institutions, governments, and companies are recognizing Bitcoin as a “treasury asset.” The market has experienced significant activity due to record demand for spot Bitcoin ETFs.
Following the U.S. elections, $1.8 billion flowed into spot Bitcoin ETFs, with an additional net inflow of $1.1 billion earlier this week. This surge, totaling $2.28 billion within three days, has drawn attention in the market. QCP Capital suggests that such high demand is likely to drive Bitcoin’s price upward.
Dogecoin Surges with New U.S. Department Announcement
In the wake of the U.S. elections, there has been a notable increase in memecoin activity. Notably, Dogecoin $0.402794 (DOGE) experienced a rapid rise after former President Donald Trump announced the establishment of a new unit called the “Government Efficiency Department,” referred to as DOGE.
This new department is set to be led by Elon Musk and former Republican candidate Vivek Ramaswamy, with the aim of streamlining government bureaucracy. Following these announcements, Dogecoin surged nearly 20%, reaching $0.37 in the morning. For a brief period, it climbed to $0.43, and since election day, it has increased by 153%, surpassing Bitcoin’s 30% gain and moving up to sixth place by market capitalization, overtaking XRP.