QCP Capital: Bitcoin still has potential upside before the release of non-farm payrolls next Friday

BlockBeats news, on October 23, QCP Capital posted on its official channel that the US election is a hot topic at the moment, with only two weeks left. Trump has begun to expand his lead over Kamala in the betting market, and key swing states are now showing Republicans leading. The market has begun to reflect the expectation that Trump may be elected president. Discussions about raising tariffs and cutting taxes have driven the dollar to strengthen and U.S. Treasury yields to rise. Given Trump's friendly attitude towards cryptocurrencies, it is not surprising that BTC prices have risen.

The S&P 500 continues to hit record highs, and the U.S. 2-year Treasury yield has once again broken through 4%. BTC prices are moving closer to $69,000, driven by record highs in open interest on exchanges.

The market now expects 1.5 rate cuts in 2024. A stronger-than-expected labor market and an increased chance of Trump's election have rekindled hopes that U.S. economic growth will remain strong.

All eyes are on next Friday's Non-Farm Payrolls (NFP) report as uncertainty in the labor market remains. As the last NFP report before the next Fed meeting, it will play a key role in shaping market expectations of the Fed's next rate hike decision.

BTC and ETH are well supported with potential upside ahead of the upcoming jobs data and the election.