The three major US stock indexes closed slightly higher yesterday, while US bonds continued to be under pressure. Bitcoin briefly rose to $70,270, and with the increasing influence of Trump, the atmosphere for “Trump trading” seems to be growing stronger.
(Taiwan Semiconductor Manufacturing Co. (TSMC) plunges 4% as “Trump trading” resurfaces)
Huawei is suspected of obtaining chips from Taiwan Semiconductor Manufacturing Co. (TSMC) through a third party, and yesterday, Trump once again mentioned on a program that “Taiwan has taken away 95% of the chip business, but wants protection from the United States and needs to pay protection money,” causing TSMC ADR to plummet by more than 4%.
(Market trends as Trump’s reelection odds surge: Is Bitcoin also part of Trump trading?)
The market seems to be more optimistic about Trump’s reelection, with the three major US stock indexes closing slightly higher and US bonds continuing to be under pressure. The ten-year bond yield reached a high of 4.3% during the day, and Bitcoin briefly rose to $70,270, while Trump’s social media company surged 22%.
(Bitcoin returns to the $70,000 mark)
Yesterday, Bitcoin once again challenged the $70,000 mark, reaching a high of $70,270. Ryan Lee, Chief Analyst at Bitget Research, believes that the price of Bitcoin may surge before the US election on November 5. He also mentioned that Trump’s recent interview on the Joe Rogan Experience has garnered over 32 million views, raising his Polymarket odds to over 66%. However, analysts at QCP Capital stated that although cryptocurrency is related to “Trump trading,” Bitcoin’s correlation with Trump’s odds seems to be weakening. The analysts warned that regardless of the winner, Bitcoin may experience a sell-off in the days following the election results.
(Bitcoin to surge before US election, but may experience sell-off afterwards)
Important data and super financial reports coming out this week
There will be a number of heavyweight financial reports this week, including the focus on technology giants Apple, Microsoft, Amazon, Google, and Meta. In addition, MicroStrategy (MSTR) and Coinbase (COIN) will release their financial reports after the US stock market closes on Wednesday.
In terms of economic data, the US Department of Commerce will release the third-quarter GDP estimate on Wednesday, the core personal consumption expenditure price index (PCE) on Thursday, and nonfarm payroll data on Friday.
The market will continue to scrutinize the possibility of a “soft landing” for the US economy. With the US election entering its final countdown, it is affecting the nerves of investors everywhere.
The Trump Trade Revival Bitcoin Returns to the 70000 Mark