QCP: Bitcoin's correlation with Trump odds appears to be weakening, a break above $70,000 could trigger new highs

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MarsBit
10-28
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According to the latest report from QCP Capital, Trump's interview on the Joe Rogan Experience podcast was released a week before the election and has received over 32 million views, raising his odds on Polymarket to over 66%. Although cryptocurrencies have been dubbed the "Trump trade," the correlation between Bitcoin and Trump's odds seems to be weakening, as Bitcoin is currently trying to break above $70,000 and surpass its July highs. Bitcoin has only risen 8% this month, lower than the average 21%. If the spot price remains at the current level, October this year will be the fourth worst-performing month for Bitcoin in the past decade. As the market awaits the election results next week, it remains to be seen whether Bitcoin can break above $70,000. The report suggests maintaining caution, as the core PCE data on Thursday and the non-farm payroll data on Friday are not expected to have any surprises. Currently, the total open interest in Bitcoin perpetual contracts across exchanges has reached $27 billion, close to the year's peak. If Bitcoin breaks above $70,000, it could trigger new highs, especially with more leveraged long positions.

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