What Events Could Affect Bitcoin (BTC) and Altcoins This Week?

It has been observed that upward movements have occurred in the cryptocurrency sector as of this week. While the leading cryptocurrency #Bitcoin (BTC) reached the levels of $ 60,000, it was observed that many altcoins managed to gain value again.

A successful analytics company, #QCP Capital, shared a report on the developments this week as of today and mainly provided the following information:

US Presidential Race:

* The debate between Trump and Harris was the most important event of the week, but nothing was mentioned about cryptocurrency.

*Harris won the support of Taylor Swift, who has great influence by using her years of experience as a lawyer in the debate.

*Currently, according to Polymarket, Harris has slightly exceeded 50% in her chances of becoming the first female president of the United States.

US Inflation Data:

*The Consumer Price Index (#CPI ) data released on Wednesday came in line with expectations (2.5% actual vs. 2.5% expected), increasing the probability of a 25 basis point rate cut by 85%.

*However, the Core Producer Price Index (YoY) released on Thursday came in 0.1% below expectations (2.4% actual vs. 2.5% expected), leading the market to balance between the 25 basis point and 50 basis point cut possibilities at a 50%-50% level.

*Gold continued its rally after the PPI data, reaching new highs.

Crypto Asset Fund Flows:

*The #BTC ETF saw positive inflows on 4 out of 5 days this week, with an inflow of +$263.2 million recorded on Friday, while net outflows were experienced throughout the past week.

*Funds outflows from #GBTC are slowing down, with an inflow of $6.7 million recorded on Friday.

*Microstrategy announced on Friday that it purchased an additional 18.3K BTC, bringing its total $BTC holdings to 244.8K.

*During last night’s rally to $60K, approximately $50M worth of short positions were liquidated.