Bitcoin surges as bullish sentiment rises in second half of October

Here is the English translation: The crypto market saw a strong rebound at the beginning of the week, and the bullish sentiment that emerged in late October is continuing to heat up. At the same time, the impressive Q3 earnings reports of US bank stocks drove the three major US stock indexes to rise collectively, and investor risk appetite has clearly rebounded. The US dollar, driven by the hawkish rhetoric of the Federal Reserve, has hit a new high, putting pressure on commodities. Bitcoin Surges! Harris to Support Crypto Regulatory Framework On Tuesday, the crypto market rose across the board, with Bitcoin reaching a high of $66,330, the highest in two weeks; Ethereum rose 6.8% to $2,654, approaching the September 27 high of $2,728. The crypto sector of the US stock market also saw a broad-based rally, with Microstrategy up over 5% and Coinbase up nearly 5%. On the news front, US presidential candidate Harris has promised to support a regulatory framework for cryptocurrencies, which has boosted the crypto market sentiment, adding to the optimism that had already emerged in the Asian trading session. Previously, the crypto industry had complained that US officials had chosen to regulate through enforcement rather than providing clear regulations. Trump actively courted crypto currency voters during the presidential campaign and had several crypto-related plans. Harris's latest commitment can be seen as a response to the crypto currency industry. In addition, the Mt. Gox crypto currency exchange postponed the deadline for repaying the remaining assets to creditors by a year last week, easing concerns about a potential oversupply of Bitcoin being returned to creditors. Bitcoin's performance at the start of October was poor, while over the past 10 years, Bitcoin's average gain in October has been 20%. However, historical data shows that the seasonal strength of the crypto currency market in October is usually concentrated in the second half of the month. With Bitcoin rising this week and briefly surpassing $66,000, market sentiment is gradually becoming more optimistic. The Three Major US Stock Indexes Rose Collectively As the US stock Q3 earnings season kicked off, with the impressive performance of the US banking sector, investor risk appetite was reignited, driving US stocks higher. On Monday local time, the three major US stock indexes rose collectively, with the Dow Jones up 0.47%, the S&P 500 up 0.78%, both hitting new highs, and the Nasdaq up 0.87%, with Nvidia hitting a new closing high and its market value approaching Apple's. As US Q3 earnings reports arrive, the banking sector has been the first to release its results, with JPMorgan Chase, Wells Fargo and BlackRock all exceeding revenue and profit expectations, which may set the tone for a solid earnings season. Analysts believe that the market's optimism is partly due to the gradual disappearance of the negative impact of lower interest rates on investment banking lending income, and partly due to the fact that the profitability of banks can also reflect economic expectations at the micro level, with the performance of the US banking sector reflecting the resilience of the economy, and investors are expecting signs that the US economy will have a soft landing. Fed Officials "Hawkish", US Dollar Hits Two-Month High On Monday local time, some Federal Reserve officials made hawkish remarks, and the US dollar closed slightly higher on the day, hitting a new high in more than two months. As of the time of writing, the US Dollar Index, which measures the performance of the US dollar against six major currencies, was at 103.32, basically flat from the previous day. Federal Reserve Governor Waller said he was cautious about further rate cuts in the coming months, citing the resilience of the US economy in recent times and the persistence of inflation. Currently, according to the Fed's rate monitoring tool, traders see a more than 80% chance of the Fed cutting rates by 25 basis points in November. Commodities Under Pressure, Gold and Oil Decline The continued rise of the US dollar to a two-month high has put pressure on commodities, with gold prices retreating after hitting a daily high of $1,666 per ounce on Monday, closing down 0.31%. Internationally, gold prices have soared more than 28% so far this year. On the oil front, OPEC has cut its oil demand forecast for the third consecutive time, causing oil prices to fall more than 2% intraday and dragging down energy stocks, and reports later in the session that Israel does not intend to attack Iran's oil and nuclear targets caused oil prices to fall by nearly 5% at one point. The bullish sentiment and risk appetite in the financial markets have been rising recently, but investors still need to remain cautious. The US presidential election in three weeks may bring new uncertainties to the market, the pace and intensity of the Federal Reserve's policy easing is still unclear, and the potential escalation of geopolitical risks in the Middle East also adds more uncertainties to the market. Against this complex backdrop, market risks still exist. eeee.com is a financial trading platform that supports crypto currencies, stock indexes, commodities like gold, and foreign exchange, and has recently launched a USDT stablecoin wealth management product with an annualized yield of 5.5%, providing investors with a potential hedging option. 4E reminds you to pay attention to market volatility risks and allocate assets reasonably.