QCP Capital’s daily report indicates that the shift in U.S. Vice President Kamala Harris's position on cryptocurrency may yield favorable effects on the market landscape. Recently, during a fundraiser, Harris committed her support for advancing the cryptocurrency industry, which stands as a critical pivot aimed at engaging crypto voters.
This strategic development follows the influence of notable crypto proponents, including Anthony Scaramucci, who have actively contributed to formulating pro-crypto strategies for her electoral campaign. QCP further elaborates that Harris's endorsement of cryptocurrencies, alongside favorable macroeconomic indicators, has established an optimistic framework for a promising week ahead within the crypto sphere.
In the past week, the market witnessed liquidations amounting to nearly $60 million in short positions, which has significantly fueled Bitcoin's impressive recovery, showcasing a 12% rebound from its recent low, recorded at $57,500. This uptick is just below the 13.8% surge predicted by QCP earlier. Furthermore, the report emphasizes an improvement in funding rates across major centralized exchanges (CEX), indicating a more attractive yield environment as interest rates trend downward.
The observed normalization of front-end put skew, accompanied by a notable influx of high buyers and a reduction in low sellers, suggests a sustained upward trajectory in market performance. QCP remains optimistic regarding the short-term outlook for Bitcoin and the broader cryptocurrency ecosystem, anticipating further growth..