BlockBeats News: On October 28, QCP released a daily market watch saying that Trump's interview on the Joe Rogan Experience Podcast, which was released a week before the election, has garnered more than 32 million views, pushing his Polymarket odds to more than 66%. Despite the fact that Cryptocurrency has been called the "Trump Deal", the correlation between BTC and Trump odds seems to be weakening. BTC is struggling to break above $70,000 and surpass the July high. This month, only 8% of BTC in Uptober was pumped, which is lower than the average of 21%. If Spot maintains these levels, October will be the fourth-worst October for BTC in the last decade. Caution remains at the moment as no surprises are expected from Thursday's core PCE data or Friday's NFP data. The total number of BTC Perptual Futures (BTC-PERP) unclosed position contracts across exchanges was $27 billion, close to this year's peak. A break above $70,000 could trigger new all-time highs, especially with more leveraged longs involved.
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QCP: The correlation of BTC with Trump's odds may be weakening, and a new high point will be generated if it breaks $70,000
BlockBeats News: On October 28, QCP released a daily market watch saying that Trump's interview on the Joe Rogan Experience Podcast, which was released a week before the election, has garnered more than 32 million views, pushing his Polymarket odds to more than 66%. Despite the fact that Cryptocurrency has been called the "Trump Deal", the correlation between BTC and Trump odds seems to be weakening. BTC is struggling to break above $70,000 and surpass the July high. This month, only 8% of BTC in Uptober was pumped, which is lower than the average of 21%. If Spot maintains these levels, October will be the fourth-worst October for BTC in the last decade. Caution remains at the moment as no surprises are expected from Thursday's core PCE data or Friday's NFP data. The total number of BTC Perptual Futures (BTC-PERP) unclosed position contracts across exchanges was $27 billion, close to this year's peak. A break above $70,000 could trigger new all-time highs, especially with more leveraged longs involved.