According to The Block, Singapore-based cryptocurrency trading company QCP Capital stated in its report released today that the slowing inflation data, bullish sentiment towards risk assets in the market, and continued institutional demand may drive the price of Bitcoin (BTC) back to its historical high of $74,000 in the coming days.
Following the release of the Consumer Price Index (CPI) for April by the US Bureau of Labor Statistics, risk assets such as US stocks and cryptocurrencies have seen an increase, and Bitcoin has consequently recovered to $66,000 for the first time since April, recording its largest daily gain since March.
Traders at QCP stated:
Meanwhile, analysts have also cited on-chain and exchange data to suggest that selling pressure on Bitcoin seems to have eased. Analysts from CryptoQuant shared in their report on Thursday:
Additionally, the US Bitcoin spot ETF recorded a net inflow of $302.97 million yesterday, marking the largest net inflow since May 3rd.
QCP Capital stated that the easing of inflation, the Chicago Mercantile Exchange’s plan to launch Bitcoin spot trading, significant adoption by sovereign nations and institutions, and the upcoming US election will all contribute to further upward momentum for Bitcoin.
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