Trump or Harris win, US presidential election is win-win for crypto market: QCP Capital

The US presidential election could act as a catalyst for the crypto market, and as both candidates have expressed support for digital assets, a victory for either candidate could be a win for the crypto market. cryptography, according to QCP Capital.

What happened: Cryptocurrency markets continue to consolidate, with Bitcoin BTC/USD is currently trading above the key $64,000 level at $64,300 while remaining in a tight range between $62,000 and $64,000.

Ethereum ETH/USD is experiencing a similar trend, hovering near the $2,630 mark.

The report highlights the presidential candidate’s comments Kamala Harriswho reaffirmed his support for cryptocurrencies and pledged to make the United States a global leader in “AI, quantum computing and blockchain.”

This is the second time this week that Harris has publicly supported digital assets, indicating that cryptocurrencies could play a central role in her economic plan.

“With both presidential candidates pledging their support for crypto, the election of either candidate would be a victory for the crypto ecosystem in the United States,” QCP Capital noted.

This bipartisan support provides a rare moment of optimism in a market often facing regulatory uncertainty.

The report further highlights that an anticipated influx of liquidity, as central banks around the world begin to ease rate cycles, is likely to drive up cryptocurrency prices.

Also Read: Solana Could Reach $330, Capturing 50% of Ethereum Market Cap, Says MarketVector Report

In addition to the potential impact of the election, the report also highlights key macroeconomic events, including U.S. GDP figures and comments from the Chairman of the Federal Reserve. Jerome Powell.

Any sign of a change in monetary policy could give the market a much-needed boost.

The recent surge in stocks of chipmakers like Micronfollowing an upward revision of revenue forecasts, hints at a possible rally in associated technology assets such as Nvidiawhich historically correlates with positive movements in crypto.

“We favor long-term structures with unlimited upside potential to capitalize on possible parabolic price increases,” he added, suggesting that a favorable election result, coupled with an easing of monetary policies, could pave the way for a strong crypto rally.

What’s next: These developments and more will be discussed in detail at Benzinga’s Future of Digital Assets event on November 19, where industry experts and policymakers will explore the evolving crypto landscape and its intersection with politics and macroeconomics.

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