QCP Capital noted on October 5th via its official channels that increasing geopolitical tensions are impacting global markets. With ongoing adversities involving Iran and Israel, market participants are preparing for a potential escalation in hostilities, which could target critical infrastructure like nuclear or oil facilities. On the economic front, robust non-farm payroll data and the potential for further interest rate reductions this year are bolstering risk assets, facilitating Bitcoin’s rebound to $62,000.
As we transition into the fourth quarter, there is an increasing activity in the options market, particularly in demand for December call options, suggesting a bullish sentiment for the end-of-year period. While QCP Capital remains optimistic about cryptocurrency’s performance in October, dubbed “Uptober,” it also emphasizes the latent geopolitical risks before the US elections. The firm advocates securing gains at present levels and solidifying returns ahead of a predicted end-of-year market rally.
Source: https://en.coinotag.com/breakingnews/btc-surges-to-62000-amid-geopolitical-tensions-and-strong-labor-market/