In a statement published by cryptocurrency analytics firm QCP Capital, the firm assessed the impact of US Vice President Kamala Harris’ recent statement of support for the cryptocurrency sector.
During a fundraiser over the weekend, Harris pledged to help grow the crypto industry in a move seen as an effort to appeal to the growing electorate in the digital asset space. That support is backed by high-profile crypto advocates like Anthony Scaramucci, who has been actively involved in shaping her campaign’s crypto policies.
Analysts at QCP Capital noted that Harris’ pro-crypto stance, combined with broader macroeconomic factors, has helped provide a much-needed boost to the cryptocurrency market. The firm reported that around $60 million in short liquidations were seen at the beginning of the week, pushing crypto prices even higher.
Last week, QCP Capital predicted a potential rally of up to 13.8% from Bitcoin’s (BTC) recent lows of $57,500. Since Monday, BTC has rallied by around 12% and appears poised for further gains, according to the analytics firm.
The firm also highlighted improvements in market dynamics. The report noted that the front-end put trend, which has been dominant over the past month, is beginning to normalize as traders begin buying upside options and selling downside options. In addition, funding rates on major exchanges have shown signs of improvement and base yields are becoming more attractive, especially in light of expected rate cuts.
QCP Capital remains optimistic that Harris’ evolving stance on crypto, combined with favorable economic conditions, could drive continued growth in the market.
*This is not investment advice.
