PANews reported on October 23 that QCP Capital, a Singapore-based crypto investment firm, said that with only two weeks left before the US election, it is currently attracting much attention. In the prediction market, Trump has begun to expand his lead over Harris, and current polls in key swing states are also leaning towards the Republican Party. The market is currently pricing in Trump's possible election as president. Talk of tariffs and tax cuts has led to a stronger dollar and higher U.S. Treasury yields. Given Trump's more cryptocurrency-friendly stance, it is not surprising that Bitcoin is trading higher.
The S&P 500 continues to hit new all-time highs, and the US 2-year Treasury yield has once again broken through 4%. Bitcoin has made its way towards $69,000, driven by unprecedented open interest on exchanges. Total open interest on exchange futures now stands at $40.5 billion. The market is currently pricing in 1.5 rate cuts in 2024. A stronger-than-expected labor market and the increased likelihood of a Trump presidency have rekindled hopes that U.S. economic growth will remain strong. As uncertainty in the labor market persists, all eyes are on the upcoming Non-Farm Payrolls (NFP) report next Friday. As the last NFP report before the next Fed meeting, it will play a key role in shaping market expectations for the Fed's next interest rate move. Ahead of the jobs data release and the election, Bitcoin and Ethereum remain well supported with upside potential.
