Harris promises to support the cryptocurrency regulatory framework Bitcoin rises to a two-week high

The Zhitong Finance App learned that Bitcoin climbed to a new high in two weeks as Democratic presidential candidate and Vice President Harris promised to support the cryptocurrency regulatory framework. Bitcoin rose 6% to 66,233 US dollars on Monday; Ethereum rose 6.8% to 2635.095 US dollars, approaching a high of 2,728 US dollars on September 27; the rest of the top 10 digital currencies also rose across the board.

The regulatory framework that Harris promised to support digital currencies has boosted cryptocurrencies. According to a statement: “Vice President Harris knows that more than 20% of African Americans own or have owned cryptocurrency assets, which is why her plan will ensure that owners and investors of digital assets can benefit from a regulatory framework to protect African men and others involved in this market.”

For many years, those involved in the digital currency sector had been complaining that US officials chose to regulate through enforcement rather than providing clear regulations. Harris' latest promise can be seen as a response to the digital currency industry. In fact, Harris stated at the end of September that he would encourage the development of cryptocurrencies.

Harris' campaign opponent, Republican presidential candidate Trump, is directly and fiercely supportive of cryptocurrencies. Trump has declared his support for the crypto industry since the beginning of his campaign and has continued to emphasize this. And it really worked. According to a poll, Trump's approval rating among cryptocurrency voters is nearly 12 percentage points ahead of Harris.

Noelle Acheson, corresponding author of “Crypto Is Macro Now,” said: “This rise in cryptocurrency is mainly driven by elections.” “I haven't seen the details of Harris's cryptocurrency policy, but it doesn't sound as negative as the Biden administration.”

There was also a rebound in the stock prices of crypto-related companies. Cryptocurrency exchange Coinbase (COIN.US) closed up 11.32% and MARA Holdings (MARA.US) closed up 5.6% on Monday.

Meanwhile, the bankrupt cryptocurrency exchange Mt. Gox last week delayed creditor repayment deadlines for its remaining assets by one year, to October 31, 2025. Arkham Intelligence estimates that its remaining assets are around $2.9 billion. This delay mitigates creditors' concerns about the oversupply caused by seeking a sale to return bitcoin.

Benjamin Celermajer, Co-Chief Investment Officer of Magnet Capital, said: “Recent improvements in Trump's polls will amplify market acceptance and the positive impact of good news on cryptocurrency prices.” “Mt. Good news such as Gox's deferral of repayment plans will receive a more positive response.”

According to the data, Bitcoin did not perform well at the beginning of October, and in the past 10 years, Bitcoin's average increase in October was 20%. Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, said: “Historical data shows that the seasonal strength of the cryptocurrency market in October is generally concentrated in the second half of the month.”