TechFlow reported on October 16 that BTC has remained above $65,000 and broken through $67,000, according to a recent report by crypto asset trading firm QCP Capital. This upward trend in BTC persisted despite declines in U.S. equities due to the earnings season, particularly semiconductor stocks like NVDA and AMD falling on expectations of slowing chip demand triggered by ASML's report. The report noted that as Trump's odds of winning the election rise, market expectations indicate his cryptocurrency policies would be more favorable than Harris's, further strengthening the positive correlation between crypto assets and a potential Trump victory. QCP expects global central banks entering a rate-cutting cycle will increase market liquidity, driving risk assets higher. The European Central Bank is expected to cut rates by 25 basis points tomorrow, China's central bank continues its accommodative stance, while the Federal Reserve is anticipated to cut rates twice this year and potentially four times in 2025.
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