In a recent analysis, cryptocurrency research firm QCP Capital assessed the implications of Vice President Kamala Harris’ renewed support for the crypto industry, following her remarks at a fundraiser over the weekend. Harris pledged to assist in the growth of the cryptocurrency sector, aiming to win over the crypto community as part of her campaign strategy. Notably, her efforts are supported by prominent crypto advocates, including Anthony Scaramucci, who are collaborating on her campaign’s crypto policies.
QCP Capital suggests that a victory for Harris in the upcoming election may not be as bearish for the cryptocurrency market as some analysts have predicted. The firm’s analysis highlights that Harris’ apparent pro-crypto stance, combined with favorable macroeconomic conditions, has already provided a boost to the market. This sentiment shift led to nearly $60 million in short liquidations at the start of the week.
The report also revisited previous projections regarding Bitcoin (BTC), indicating the cryptocurrency could rally up to 13.8% from its recent lows of $57,500. Since last Monday, BTC has recovered nearly 12%, with further upward movement anticipated.
Additionally, QCP Capital noted a shift in market dynamics, as the previously prevalent put skew began to normalize over the weekend. More investors are now leaning towards buying upside options, reflecting growing optimism in the market.
