According to Wu, QCP analysis pointed out that as Kamala Harris expressed support for the crypto industry during her campaign, the market reaction may be more positive than expected. Her promise to help the crypto industry develop at a fundraising event, coupled with the help of crypto supporters such as Anthony Scaramucci, pushed the market up.
BTC has rebounded nearly 12% from its low of 57.5k and is expected to continue to rise. In addition, the bearish bias in the options market has begun to normalize, and funding rates and basis yields have also improved.
