Bitcoin posted one of its best trading days in nearly two months, spurring market sentiment and capital deployments.
According to CoinMarketCap, six cryptocurrencies posted double-digit price gains, with Bitcoin (BTC) surpassing $66,000 in the past 24 hours and growing over 6% on May 15.
At the time of publication, data showed that Fantom (FTM), Sei (SEI), Immutable (IMX), Core (CORE), THORChain (RUNE), and Sui (SUI) had each achieved over 10% token price increases.
QCP Capital: Bitcoin bullish signs are afoot
After Bitcoin broke above the current levels, QCB Capital Highlight signals that may indicate upward momentum for risk assets and the cryptocurrency market.
The company cited encouraging economic data issued by the US Federal Reserve, which indicates that the Fed has succeeded in containing inflation fears. Following the news, QCP Capital noted significant purchases of $100,000 to $120,000 worth of call options set to expire in December.
In addition, several state-backed and private institutions have disclosed their holdings in spot Bitcoin ETFs. This development could spur cryptocurrency market movements, as Bitcoin supply has halved since last month.
“Institutional demand for Bitcoin (BTC) continues to grow with major asset managers Millennium and Schoenfeld investing approximately 3% and 2% of their AUM in a Bitcoin exchange-traded fund (ETF),” QCP researchers said. Capital. books Via telegram.
