QCP Capital: Bitcoin's dominance is expected to continue rising, with a key focus on the upcoming non-farm employment data announcement

Singaporean cryptocurrency investment firm QCP Capital stated that the cryptocurrency market was relatively volatile this week. BTC retested its local high of 69,500 since July but failed to break through. It eventually gave back its gains, finding support at the major level of 65,000 and now seems to be forming a consolidation pattern. This week's net inflow into BTC ETF reached $997.7 million, marking positive inflows for the third consecutive week, indicating strong institutional demand.

Bitcoin's dominance continued to rise this week, reaching a high point of 59.75%. In contrast, ETHBTC broke below its key support level of 0.03850 and fell by 5.85% to a new low of 0.03625. As Bitcoin approaches its all-time highs, the rising trend in Bitcoin's dominance may continue in the short term.
Reports about alleged US government investigations into Tether caused a significant drop in USDT stablecoin prices which fell to a low point of 0.9965 before rebounding above 0.9980 later this week.
Tether CEO Paolo Ardoino has so far denied these allegations; whether they are true remains to be seen as it is not Tether’s first time under such strict scrutiny.

In Middle East tensions continue escalating due Israel retaliating against missile attacks earlier this month.
On Friday selling pressure on markets increased due Israeli retaliation strikes and USDT’s heavy losses causing Dow Jones Industrial Average and SP500 Index respectively falling by .61% .03%. Cryptocurrencies subsequently dropped with BTC briefly dipping down to $65k.

As we approach end-of-week focus is now on non-farm employment data set for release next Friday which will provide further insight into Federal Reserve’s next steps.Currently there is an expectation for November interest rate cut by .25 basis points with probability standing at %95 percent.Market does not expect any big surprises.