Harris Shows Support for crypto
While the digital asset market continues to experience significant growth, U.S. Vice President Kamala Harris has recently voiced her support for emerging technologies, highlighting plans to enhance investment in AI and digital assets. In a recent communication, QCP Capital noted that Harris's pro-crypto stance has generated renewed optimism in the digital asset space.
During a recent fundraising event, Harris pledged her commitment to fostering the growth of the cryptocurrency sector, signaling a strategic approach to appeal to the crypto community. Notable figures like Anthony Scaramucci have endorsed Harris's campaign policies on crypto.
The positive sentiments expressed by Harris, coupled with favorable macroeconomic conditions, have injected considerable momentum into the crypto market. The start of the week saw a surge that resulted in almost $60 million in short liquidations, aligning with QCP Capital's earlier forecast of a potential 13.8% upward movement in bitcoin from its $57,500 lows.
Following an impressive rebound of nearly 12% since last Monday, bitcoin is currently trading around $63,500, hinting at further upside potential. The market's shifting sentiment is also reflected in the options market, as the frontend Put skew observed in the past month is starting to normalize. Buyers are increasingly exploring topside options, while sellers are mitigating downside risks.
Furthermore, funding rates on major exchanges are improving, and basis yields are becoming more enticing, especially after recent interest rate adjustments. For investors seeking to leverage this bullish momentum entering the fourth quarter, QCP Capital recommends considering a Principal Protected Sharkfin product.
This investment opportunity offers a potential annual return surpassing 96%, with no downside risk. It matures on December 27, 2024, featuring a strike price of $80,000 and a barrier of $100,000, based on the current spot price of $63,500.
