QCP Capital Reports Bitcoin Rally Following VP Harris’ Pledge to Support Crypto Growth
Singapore-based trading firm QCP Capital has reported a significant Bitcoin rally following an announcement from U.S. Vice President Kamala Harris, who pledged to support the growth of the crypto sector if she is elected president. This commitment has fueled positive market sentiment, with Bitcoin recovering nearly 12% since last Monday, according to QCP’s latest update on its official Telegram channel.
In addition to the price rally, QCP Capital analysts have noted improvements in funding rates on major exchanges, along with increasingly attractive basis yields, driven by recent interest rate cuts.
Kamala Harris’ Pledge Boosts Crypto Sentiment
Vice President Kamala Harris recently pledged her support for the crypto industry during her presidential campaign, committing to fostering innovation and growth within the sector. This announcement has had a notable impact on market sentiment, with investors interpreting her stance as a potential positive for the future of cryptocurrency regulation and development in the U.S.
Since Harris’ pledge, Bitcoin has seen a 12% recovery, reflecting increased confidence among investors and traders. The news has contributed to a surge in buying activity, as market participants anticipate a more crypto-friendly regulatory environment if Harris wins the upcoming election.
Improved Funding Rates and Basis Yields
According to QCP Capital, the rally in Bitcoin has been supported by favorable funding rates on major crypto exchanges. These rates, which indicate the cost of holding long positions, have improved, suggesting a more bullish outlook for traders.
In addition, basis yields—the difference between the spot price of Bitcoin and the futures price—have become more attractive. This shift is attributed to recent interest rate cuts, making futures markets more favorable for traders looking to capitalize on short-term price movements.
QCP analysts highlighted that the combination of improved funding rates, attractive basis yields, and renewed market optimism following Harris’ pro-crypto statements has created a positive environment for Bitcoin and the broader cryptocurrency market.
Bitcoin’s Potential for Further Gains
With Bitcoin rallying nearly 12% in the past week, QCP Capital believes the asset is positioned for further upside potential. The firm’s analysts pointed to improving market conditions, including rate cuts and increased liquidity, as catalysts for continued price appreciation.
Moreover, the broader crypto sector could see sustained growth if Harris’ pledge translates into more defined regulations that support innovation while addressing investor protections. The improved sentiment around potential regulatory clarity is likely to encourage more institutional participation in the market, driving additional capital inflows into Bitcoin and other cryptocurrencies.
Conclusion: Positive Market Outlook for Bitcoin
The recent Bitcoin rally, fueled by Kamala Harris’ pledge to support the growth of the crypto sector, reflects a growing sense of optimism in the market. As funding rates and basis yields improve, QCP Capital sees further potential for Bitcoin gains, especially as the market responds to a more favorable regulatory outlook and increased institutional interest.
With the crypto sector poised for growth, Bitcoin continues to attract attention as a leading asset in the digital economy.
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