Bitcoin Rises After Harris Pledges Support for Crypto Regulation

October 15, 2024 11:47 AM AEDT | By Team Kalkine Media

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Bitcoin Rises After Harris Pledges Support for Crypto Regulation — Image source: shutterstock

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Highlights

Bitcoin sees notable rise after Harris' crypto framework pledge.

Smaller cryptocurrencies like Ether and Solana also gained.

Bitcoin-related companies experienced a surge in shares.

Bitcoin reached its highest point in two weeks following a statement by US Vice President Kamala Harris, expressing support for a regulatory framework for cryptocurrencies. This announcement, made during her campaign, contributed to optimism in the crypto market, particularly during Asian trading hours, as traders speculated on the potential effects of China's recent stimulus measures.

The largest digital asset saw an increase of up to 5.6% on Monday, with Bitcoin trading around $65,585 in New York later in the day. Other significant digital currencies such as Ether (ETH) and Solana (SOL) also followed suit, recording upward trends in the market.

Harris' statement on crypto regulation was seen as a response to ongoing concerns within the cryptocurrency sector, which has frequently criticized the US government's lack of clarity on regulatory policies. Industry figures have pointed out that previous administrations had relied on enforcement rather than establishing clear guidelines. Meanwhile, former President Donald Trump has been actively courting crypto-friendly voters as part of his presidential campaign, further spotlighting the issue.

According to industry insights, the recent spike in Bitcoin’s value is largely driven by election-related sentiments. Predictions that favor Trump, coupled with statements from the Harris campaign that appear less stringent on crypto regulation compared to the current administration, have boosted market enthusiasm.

Additionally, companies linked to Bitcoin saw a rally in their stock performance. Coinbase (COIN), a major cryptocurrency exchange, experienced a surge of nearly 9%. MARA Holdings (MARA), a cryptocurrency miner, gained around 5%, while Bitcoin proxy MicroStrategy (MSTR) remained stable after a sharp 16% rise the previous Friday.

This recent movement in both Bitcoin's value and related company shares highlights how political developments can influence the cryptocurrency market, as traders look for signals that could shape the future of digital asset regulation.

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