Bitcoin (BTC) 
$65,645Continuing its rise at the beginning of the week, it gained another 2.4 percent in value and reached its short-term peak, reaching up to 66 thousand 500 dollars. The largest cryptocurrency, which later stabilized at the level of 65 thousand dollars, maintains its positive outlook due to the effect of strong spot demand. QCP Capitalevaluates that many factors are effective behind this rise in Bitcoin. According to analysts, developments regarding the US elections, regulatory statements and global economic moves are among the main factors supporting price mobility.
Election Uncertainty and New Regulatory Approaches
cryptocurrency marketOptimism in Turkey gained momentum due to expectations about the US elections. Especially Donald Trump‘s rise in the polls created an atmosphere of confidence in the markets. At the same time, US Vice President Kamala Harris’s more positive messages about cryptocurrency regulations also supported the market. Contrary to the Biden administration’s previous strict approach, Harris’s friendly rhetoric created excitement in the industry.
It is thought that some investors shifted their capital from Chinese stocks to Bitcoin as China’s new economic incentives did not meet expectations. This possibility was also pointed out in QCP Capital’s previous analyses. Moreover Mt. gox The postponement of the payments of the stock exchange for another year had a positive impact on the prices by easing the potential selling pressure on Bitcoin.
Record Entry into ETFs as Geopolitical Risks Reduce
QCP Capital pointed out that there were positive developments on the geopolitical side as well. Accordingly, news that Israel will refrain from attacking Iran’s energy and nuclear infrastructure reduced concerns in the markets.
On the other hand, demand for spot Bitcoin ETFs is also increasing. on monday ETFThere was a net inflow of 555 million dollars. This stands out as the largest capital inflow since June 4. According to analysts, the fact that important inflation or employment data will not be announced in the near future also reduces risk premiums for the cryptocurrency market and provides a more positive basis.
The fact that October tends to get seasonally stronger in the second half also offers new opportunities for investors. QCP Capital advised investors to choose zero-cost transactions with high return potential. It is thought that Bitcoin will continue its rise if election optimism continues.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
