Hi HODLers, Hiveans and Lions,
The bulk of the move is due to the strength of the US Economy. As the US economy stays healthy and resilient, the probability that the FED lowers interest rates in the near future is diminishing; therefore leaving rates high for a longer period of time.
Part of the selloff narrative also reflects a shift on Wall Street, Some investors are potentially hedging a “red wave” sweep. If it was the case, some expects Republicans to lower taxes while increasing spending. This would increase the need to finance an increasing budget deficit.
Election Update
Following closely the swing states and overall Polls Data; it seems like Trump is pulling ahead and has been solidifying his lead over the past 2 weeks. Election is not there yet but it surely looks like Trump is leading in the polls ahead of Nov, 5th for possibly the first time! He was lagging in 2016 and 2020.
Time will tell if we can trust these polls and we never know what might happen over the next few weeks.
Stay safe out there,