On October 23, COINOTAG reported a growing interest in the upcoming U.S. elections, with pivotal implications for the cryptocurrency market. As Donald Trump appears to gain momentum in betting markets, particularly in key swing states, traders are recalibrating their expectations for a potential market shift. The anticipated election outcomes are reflecting positively on asset classes, with the U.S. dollar showing significant strength and U.S. Treasury yields rising accordingly. Notably, Trump’s favorable stance towards cryptocurrencies has resulted in a bullish sentiment around Bitcoin (BTC), propelling it closer to the $69,000 mark, supported by record open interest on trading platforms.
As market participants look ahead, expectations of U.S. interest rate cuts in 2024, driven by a resilient labor market and increasing confidence in economic stability, are on the rise. The upcoming Non-Farm Payrolls (NFP) report will be crucial, especially as uncertainty looms in the labor sector. This report is poised to significantly influence Federal Reserve policy and investor sentiment towards both BTC and Ethereum (ETH), which remain well-positioned amidst optimistic market trends.