QCP Capital: Bitcoin breaks through $70,000 for the first time in more than 7 months thanks to multiple factors
2024-10-29 10:24:09
QCP Capital noted that Bitcoin broke through the $70,000 mark for the first time in more than seven months. This was helped by a number of factors, including strong inflows into spot ETFs last week, approaching $1 billion. This excitement has extended to cryptocurrency-related stocks. IREN, Hut 8, Bitdeer, and TeraWulf, among others, have benefited from increased demand for artificial intelligence and Bitcoin's recent rally. The Trump administration is likely to adopt expansionary fiscal policy, which could push up deficits and inflation, and BTC is particularly vulnerable in the medium term.
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