Harris’s Pro-Crypto Stance Fuels Bitcoin Surge Amid Market Shifts

COINOTAG news, September 23, QCP released a daily view that Harris may not be as bearish as the market thinks if she wins this election. In order to win the votes of cryptocurrency users, Harris promised to help the cryptocurrency industry develop at a fundraiser last weekend. This is another move after Anthony Scaramucci and other cryptocurrency supporters formulated crypto policies for her campaign. Harris’s obvious pro-crypto attitude shift, coupled with macroeconomic tailwinds, has made a good start for the crypto market this week, triggering a short position explosion of nearly $60 million. Last week, QCP mentioned that Bitcoin could rise 13.8% from a low of $57,500. Since last Monday, Bitcoin has rebounded nearly 12% and looks to have further momentum to rise. The front-end put option skew that can be seen in the past month has begun to normalize, with more high buyers and low sellers entering the market during the weekend. Even funding rates on major trading platforms are improving, with basis yields becoming relatively more attractive amid falling interest rates.