QCP Capital: The US election and interest rate cut expectations are good for the crypto market, pay attention to the non-farm data next Friday

Odaily Odaily QCP Capital published an article saying that with only 2 weeks left until 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 Treasury yields. Given Trump's more cryptocurrency-friendly stance, it is no surprise that Bitcoin is trading higher. The S&P 500 continues to hit record highs, and the US 2-year Treasury yield has once again exceeded 4%. Driven by unprecedented open interest on exchanges, Bitcoin has moved towards $69,000. The total open interest of exchange futures currently stands at $40.5 billion. The market currently expects 1.5 rate cuts in 2024. A stronger-than-expected labor market and the increased likelihood of Trump's election have rekindled hopes that US economic growth will continue to be strong. As uncertainty in the labor market persists, all eyes are on the non-farm payrolls report (NFP) to be released 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 employment data release and the election, Bitcoin and Ethereum remain well supported with upside potential.