According to BlockBeats, QCP Capital stated that with the U.S. election approaching, Trump has expanded his lead over Kamala in the betting market, with the Republican Party leading in key swing states. The market expects Trump to be elected president, boosting the dollar, increasing U.S. Treasury yields, and raising BTC prices.

The S&P 500 index hits a historic high, and the U.S. 2-year Treasury yield breaks 4%. BTC's open interest on exchanges reaches an all-time high, with prices approaching $69,000.

The market anticipates 1.5 rate cuts in 2024. A strong labor market and increased chances of Trump's election have raised expectations for U.S. economic growth.

All eyes are on next Friday's Non-Farm Payroll (NFP) report. As the last NFP report before the next Federal Reserve meeting, it will play a key role in shaping market expectations.

Before the upcoming employment data and election, BTC and ETH are well supported and have potential upside.