As U.S. Vice Presidential candidate Kamala Harris pledged support for a cryptocurrency regulatory framework, Bitcoin prices climbed to a two-week high on Monday, rising 6% to $66,233. Ethereum also increased by 6.8%, nearing the September 27 high of $2,728, with other top ten digital currencies also showing broad gains. Harris's statement boosted the cryptocurrency market, as she specifically mentioned ensuring that digital asset owners and investors, especially Black men and other groups, can benefit from the regulatory framework and receive proper protection.
For a long time, individuals related to the cryptocurrency field have expressed dissatisfaction with the lack of a clear regulatory framework in the U.S. Harris's promise is seen as a positive response to this industry's concerns. In fact, she stated in late September that she would encourage the development of cryptocurrencies. Meanwhile, her opponent, Republican candidate Trump, has been more direct in supporting cryptocurrencies and leads Harris by 12 percentage points among relevant voters.
The positive reactions from the cryptocurrency market also drove up the stock prices of related companies. Shares of cryptocurrency exchange Coinbase rose 11.32%, while MARA Holdings' shares increased by 5.6%. Additionally, the bankrupt cryptocurrency exchange Mt. Gox postponed its creditor repayment plan to 2025, easing concerns about an oversupply in the market.
Analysts point out that recent improvements in Trump's polls and the news of Mt. Gox delaying repayments further enhanced market acceptance of cryptocurrencies. Data shows that Bitcoin had a poor start in October, but historical data indicates that the latter half of October usually sees a strong increase, with an average gain of 20%.
