QCP Capital, a cryptocurrency analysis company, has assessed the impact of US Vice President Kamala Harris’ recent statement of support for the cryptocurrency sector. Harris expressed her commitment to growing the crypto industry during a fundraiser, which was seen as an attempt to appeal to the digital asset space’s growing electorate. This support has been endorsed by prominent crypto advocates like Anthony Scaramucci, who has actively contributed to shaping Harris’ crypto policies.
QCP Capital analysts have observed that Harris’ pro-crypto stance, along with broader macroeconomic factors, has provided a much-needed boost to the cryptocurrency market. The firm reported approximately $60 million in short liquidations at the beginning of the week, leading to further price increases in the crypto market.
Last week, QCP Capital predicted a potential rally of up to 13.8% from Bitcoin’s recent lows of $57,500. Since then, Bitcoin has rallied by approximately 12% and is expected to continue gaining momentum, according to the analytics firm.
Additionally, the firm highlighted positive changes in market dynamics. The report mentioned that the dominance of the front-end put trend, which has persisted for the past month, is starting to normalize as traders begin to purchase upside options and sell downside options. Furthermore, funding rates on major exchanges have shown signs of improvement, and base yields are becoming more attractive, especially considering the anticipated rate cuts.
QCP Capital maintains an optimistic outlook, anticipating that Harris’ evolving stance on crypto, combined with favorable economic conditions, will drive further growth in the market.
Please note that this article does not constitute investment advice.