On October 30, QCP Capital reported noteworthy developments in the cryptocurrency market, highlighting that Bitcoin’s price surpassed the significant threshold of $73,000. This surge is attributed to several favorable factors, including substantial inflows into spot ETFs, a new cycle of monetary easing in key economies, and the rising probability of a pro-crypto administration under U.S. presidential candidate Donald Trump. With pivotal states like Nevada and Pennsylvania poised to impact the electoral outcome, Trump is reportedly gaining momentum in polling results.
This week, market participants will closely monitor the upcoming non-farm payrolls report—an essential barometer of the U.S. job market’s vitality. Analysts anticipate a consensus of approximately 110,000, significantly lower than prior figures, and crucial for setting expectations ahead of the Federal Reserve’s forthcoming meeting. Currently, there’s a 96.5% likelihood of a 25 basis point rate cut in November.
Additionally, the week will feature earnings announcements from tech giants such as Alphabet, Apple, Meta, Amazon, and Microsoft. Estimated growth in earnings for these firms hovers around 19-20%, although this represents the slowest growth seen in the last six quarters. While the ripple effects on the stock market remain uncertain, these earnings reports will serve as critical indicators for assessing broader market sentiment.
Source: https://en.coinotag.com/breakingnews/bitcoin-surges-past-73000-key-catalysts-and-upcoming-economic-indicators-to-watch/