Bitcoin

On Tuesday, the price of bitcoin surged to $73,500 as afternoon momentum even propelled bitcoin higher.

With the dominance of Bitcoin, the cryptocurrency market is heating up.

The crypto star maintained its momentum on October 29th, reaching $73,600 on Bitstamp by 3 p.m. Eastern Time. With this rise, Bitcoin's market cap soared to $1.44 trillion, accounting for over 58% of the total $2.46 trillion cryptocurrency economy. Bitcoin's 24-hour trading volume surged to $65.38 billion, surpassing the entire crypto market's $113 billion.

Today, USDT, USD, FDUSD, USDC, KRW, and EUR are leading the most active BTC trading pairs. According to statistics from coingecko.com, Binance and Coinbase lead the Bitcoin exchanges. Futures trading is also booming; coinglass.com reports that open interest will rise to $44.15 billion. QCP Capital attributes Bitcoin's gains to various factors, especially the strong inflow of nearly $1 billion into spot ETFs last week.

QCP analysts revealed that Emory University recently invested $15 million in the Grayscale Bitcoin Trust Fund, marking a new turning point. This signifies the first known university endowment fund investing in digital assets, indicating increasing interest from traditional conservative funds. The Singapore-based company also noted that a Trump victory would benefit both stocks and Bitcoin.

QCP believes that compared to stocks, Bitcoin will benefit in the medium term, with expectations that the fiscal policies of the Trump administration could widen deficits and raise inflation, potentially prompting the Fed to consider rate cuts in 2025.

With election-related volatility climbing to 64%, QCP notes the potential for further increases. Despite Bitcoin stabilizing above $0.07 million, the bullish bias has slightly eased. However, analysts state that permanent open interest across exchanges is at annual highs, indicating solid positions for traders' future profits. At 4:10 p.m. reporter time, Eastern Time, on October 29, BTC was trading at $72,428 after a slight dip from the day's peak.