Ramazan Eles 
QCP Capital, a prominent crypto analysis firm, has released its latest market report, delving into significant developments that have shaped the Bitcoin and altcoin markets this week.
The report highlights the US presidential debate as a noteworthy event, despite the lack of cryptocurrency-specific discussions. Kamala Harris, who showcased her legal prowess during the debate, received significant backing from pop icon Taylor Swift, further solidifying her influence.
According to Polymarket predictions, Harris now holds a slight edge in the race, with odds of becoming the US’s first female president exceeding 50%.
On the economic front, the Consumer Price Index (CPI) report released on Wednesday met expectations, showing a year-over-year increase of 2.5%. This outcome bolstered the probability of a 25 basis point (bps) interest rate cut to 85%. However, the slightly lower-than-expected Producer Price Index (PPI) data on Thursday introduced some market uncertainty, with investors pricing in a 50/50 chance of either a 25 or 50 bps rate cut.
Following the PPI data, gold prices hit all-time highs as investors sought safe-haven assets.
QCP Capital noted that Bitcoin exchange-traded funds (ETFs) experienced positive inflows on four out of the five trading days this week. Friday alone saw an inflow of $263.2 million, marking a significant contrast to the net outflows of the previous week.
Meanwhile, outflows from the Grayscale Bitcoin Trust (GBTC) slowed, with a $6.7 million inflow recorded on Friday.
MicroStrategy, a business intelligence firm known for its substantial Bitcoin holdings, announced the purchase of an additional 18,300 BTC on Friday, bringing its total holdings to 244,800 BTC.
Bitcoin’s price surged to $60,000 overnight, liquidating approximately $50 million worth of short positions.
Additionally, the options market indicated renewed interest in Ethereum (ETH). Over 20,000 contracts were purchased targeting a price level of $3,000 by December 27th, suggesting growing optimism for a potential ETH rally before year-end.
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