QCP Capital, a cryptocurrency analysis firm, has released a statement assessing the impact of US Vice President Kamala Harris’ recent statement in support of the cryptocurrency sector. During a fundraiser, Harris expressed her commitment to the growth of the crypto industry, a move aimed at appealing to the increasing number of voters involved in digital assets. Prominent crypto advocate Anthony Scaramucci has supported Harris’ stance and has actively contributed to shaping her campaign’s crypto policies.
According to QCP Capital analysts, Harris’ pro-crypto position, along with broader macroeconomic factors, has provided a much-needed boost to the cryptocurrency market. The firm reported that approximately $60 million in short liquidations occurred at the beginning of the week, resulting in further price increases for cryptocurrencies.
QCP Capital had previously predicted a potential rally of up to 13.8% from Bitcoin’s recent lows of $57,500. Since Monday, the value of Bitcoin has risen by approximately 12%, indicating the potential for further gains, according to the analysis firm.
The report also highlighted positive developments in market dynamics. QCP Capital noted that the dominant trend of front-end put options over the past month is beginning to normalize, as traders are now buying upside options and selling downside options. Additionally, funding rates on major exchanges have shown signs of improvement, and base yields are becoming more attractive, particularly in anticipation of rate cuts.
QCP Capital remains optimistic that Harris’ evolving stance on crypto, coupled with favorable economic conditions, will continue to drive growth in the cryptocurrency market.
Please note that this article does not provide investment advice.