QCP Capital has reported that the
cryptocurrency
market has a greater potential for rising in the coming days, thereby boosting investor expectations. According to the company’s daily market report, there has been an improvement in funding rates across major
cryptocurrency exchanges
. Additionally, the cryptocurrency-friendly policies of U.S. presidential candidate Kamala Harris have positively influenced the sector. As a result of these developments, $60 million worth of short positions were liquidated last week.
Contents
Harris’s Support for Cryptocurrency
Improvement in Market Data
Harris’s Support for Cryptocurrency
Kamala Harris pledged support for the cryptocurrency sector during a fundraising event last weekend. This statement indicates that Harris has begun to view cryptocurrencies more favorably.
Previously, Anthony Scaramucci and other cryptocurrency advocates had also set policies for Harris’s campaign. This strategy aims to attract votes from cryptocurrency users and is considered an important development for the sector. As a result of this shift, investors have started to view the market more positively, contributing to increased buying demand throughout the week.
Improvement in Market Data
QCP Capital noted that Bitcoin
$
63,222
has recently risen approximately 13.8% from levels of $57,500. Since last Monday, Bitcoin has shown a recovery of 12%, indicating strong potential for further increases. The selling pressure observed over the past month is gradually normalizing. Over the weekend, the entry of buyers at high prices and sellers at low prices has supported this normalization.
Notably, improvements in funding rates on major exchanges and the appeal of yield rates due to falling interest rates have emerged as significant developments. This situation is interpreted as a positive signal for the overall outlook of the cryptocurrency market.
In light of all these developments, QCP Capital analysts expect the cryptocurrency market to continue its upward movement in the coming days. However, they urged investors to closely monitor market trends and carefully assess their positions.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
