The U.S. presidential election could act as a catalyst for the crypto market, and as both candidates have expressed their support for digital assets, a win for either of the candidates may be a win for the crypto market, according to QCP Capital.

What Happened: Cryptocurrency markets continue to consolidate, with Bitcoin (CRYPTO: BTC) currently trading above the key $64,000 level at $64,300, though remaining in a tight range between $62,000 and $64,000.

Ethereum (CRYPTO: ETH) is experiencing a similar pattern, hovering near the $2,630 mark.

The report highlights the remarks by presidential candidate Kamala Harris, who reaffirmed her support for cryptocurrencies and pledged to make the U.S. a global leader in “AI, quantum computing and blockchain.”

This marks the second time this week that Harris has publicly endorsed 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 win for the crypto ecosystem in the U.S,” QCP Capital noted.

This bipartisan backing offers a rare moment of optimism in a market that often faces regulatory uncertainty.

The report further emphasizes that an anticipated influx of liquidity, as central banks globally begin easing rate cycles, is likely to drive crypto prices higher.

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

In addition to the election’s potential impact, the report also points to key macroeconomic events, including U.S. GDP readings and comments from Federal Reserve Chair Jerome Powell.

Any signs of shifts in monetary policy could provide the market with much-needed momentum.

The recent surge in chipmaker stocks like Micron, following an upward revenue forecast revision, hints at a possible rally in related tech assets such as Nvidia, which historically correlates with positive movements in crypto.

“We favor long-dated structures with unlimited upside to capitalize on potential parabolic advances in prices,” it further stated, suggesting that a favorable election outcome, coupled with easing monetary policies, could set the stage for a robust 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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