TechFlow reported on October 23, citing QCP Asia Colour, that as the U.S. election approaches, Trump's lead over Kamala in betting markets has widened, with polls in key swing states also favoring Republicans. Markets are increasingly pricing in a potential Trump victory, which could strengthen the U.S. dollar and push up U.S. Treasury yields. Given Trump's favorable stance toward cryptocurrencies, BTC prices have risen accordingly.
Currently, the S&P 500 Index is nearing its all-time high, and the yield on the U.S. 2-year Treasury note has once again surpassed 4%. BTC has benefited from record open interest at exchanges, with prices approaching $69,000. Total futures open interest across exchanges has now reached $4.05 billion.
The market expects 1.5 rate cuts in 2024. A stronger-than-expected labor market and rising odds of a Trump victory are fueling optimism about U.S. economic growth. Next Friday’s nonfarm payrolls report will be closely watched—it is the final NFP release before the next Federal Reserve meeting and will significantly influence future interest rate decisions.
