Markets Eye Trump Effect as Bitcoin Tests $69,000

A new analysis from QCP highlights the major impact of U.S. presidential election dynamics on cryptocurrency markets, with Bitcoin pushing toward $69,000 amid growing expectations of a Trump presidency.

The report notes that Trump’s widening lead over competitors in betting markets and key swing states has begun influencing both traditional and crypto market sentiment.

Market metrics signal strong momentum

QCP’s analysis reveals record-breaking activity in cryptocurrency derivatives markets, with total futures open interest reaching $40.5 billion across exchanges.

This surge coincides with broader market movements, including the S&P 500’s approach toward all-time highs and U.S. 2-year Treasury yields breaking above 4%.

The research firm points to several key market indicators:

  • Growing expectations of 1.5 rate cuts in 2024
  • Strong labor market performance sustaining U.S. growth outlook
  • USD strengthening amid discussions of increased tariffs and tax reductions
  • Rising bond yields reflecting market confidence

Looking ahead, QCP identifies the upcoming Nonfarm Payrolls (NFP) report as a critical event. As the final major employment data before the next Federal Reserve meeting, the report could significantly influence interest rate expectations and market direction.

In response to current market conditions, QCP recommends a Principal Protected Sharkfin strategy for traders seeking to capture upside potential while maintaining protection against downside risk. The firm notes that both Bitcoin and Ethereum maintain strong support levels heading into these key events.

Source: https://www.cryptonewsz.com/markets-eye-trump-effect-bitcoin-tests-69000/