QCP Capital has indicated that the cryptocurrency market holds significant potential for further growth in the coming days, raising investor expectations. According to the company’s daily market report, improvements have been observed in the funding rates across major cryptocurrency exchanges. Additionally, the cryptocurrency-friendly policies of U.S. presidential candidate Kamala Harris have positively impacted the sector. As a result of these developments, $60 million worth of short positions were liquidated last week.
Harris’s Support for Cryptocurrency
During a recent fundraising event, Kamala Harris pledged her support for the cryptocurrency sector. This statement reflects her increasingly positive stance towards cryptocurrencies.
Previously, Anthony Scaramucci and other cryptocurrency advocates had established crypto policies for Harris’s campaign. This strategy aims to attract votes from cryptocurrency users and is considered a significant development for the sector. Consequently, this shift has encouraged investors to view the market more favorably, contributing to rising buying demand throughout the week.
Improvement in Market Data
QCP Capital noted that Bitcoin has surged approximately 13.8%, starting from levels around $57,500. Since last Monday, Bitcoin has demonstrated a 12% rebound and still possesses strong potential for further gains. The selling pressure observed over the past month is gradually normalizing. Increased market activity from buyers at higher prices and sellers at lower prices over the weekend has supported this normalization.
Notably, improvements in funding rates on major exchanges and the attractiveness of yield rates due to declining interest rates have been significant developments. This situation is interpreted as a positive signal for the overall outlook of the cryptocurrency market.
In light of these developments, QCP Capital analysts expect the cryptocurrency market to continue its upward movement in the coming days. They also urged investors to closely monitor market trends and carefully evaluate their positions.