TechFlow News — On November 13, QCP Capital's latest analysis indicated that Bitcoin is approaching the $90,000 mark, entering a "new phase" and becoming a significant asset held by corporations, governments, and institutions. Bitcoin ETF demand has reached an all-time high, with net inflows totaling $2.28 billion over three days. Following the U.S. election, Bitcoin ETFs attracted $1.8 billion in capital, starting the week strongly with another $1.1 billion in net inflows.
Meanwhile, Dogecoin surged after former President Trump announced the creation of a Department of Government Efficiency (abbreviated as "DOGE"). The cryptocurrency briefly touched $0.43 and is currently trading at $0.37, marking nearly a 20% gain. Tesla CEO Elon Musk and former Republican presidential candidate Vivek Ramaswamy are set to lead this department, aimed at streamlining federal agencies and reducing excessive regulation. Since Election Day, Dogecoin has surged 153%, far outpacing Bitcoin’s 30% rise, and has surpassed XRP in market capitalization to become the sixth-largest cryptocurrency.
Markets are now focused on today's upcoming CPI data release. Core CPI for October is expected to remain steady at 0.3%, with annual CPI projected to rise 2.6%. Current market expectations place the probability of a rate cut in December at 70%. However, today’s CPI figures, the PCE data due on November 27, and potential policy shifts under a Trump administration could all influence the Federal Reserve’s final decision.
