QCP Capital: BTC and ETH maintain good support ahead of employment data release and elections, with potential for increase

QCP Capital stated, "The U.S. election is the current hot topic, with only two weeks left until voting. In the prediction market, Trump has begun to expand his lead over Harris, and key swing states are now voting in favor of the Republicans. The market is currently anticipating a possible re-election for Trump. Discussions about increasing tariffs and tax cuts have led to a rise in the dollar exchange rate and an increase in U.S bond yields. Considering Trump's more friendly stance on cryptocurrencies, it's not surprising that Bitcoin trading prices are rising."

"The SP 500 Index continues to push historical highs, and the yield on US 2-year bonds has once again broken through 4%. Due to record high open interest across exchanges, Bitcoin has launched an attack towards $69k. Currently, total outstanding contracts across all exchanges amount to $40.5 billion USD. The market is now predicting there will be one-and-a-half rate cuts by 2024. A stronger than expected labor market along with increased likelihood of Trump’s re-election brings confidence: America's growth will remain strong."

All eyes are focused on next Friday's upcoming NFP report as uncertainty still exists within the labor market. As this is last NFP report before next Federal Reserve meeting , it will play a crucial role in shaping expectations for Fed’s next move regarding interest rates."Bitcoin and Ethereum maintain good support ahead of employment data release and elections,and may possibly rise," QCP Capital believes.