Harris promises to support the regulatory framework for digital currencies, leading to a sharp rise in digital currencies

On Monday, cryptocurrencies and related stocks surged, with Bitcoin and Ethereum rising by at least 6%. Bitcoin rose by 6% intraday to $66,233, hitting its highest level in two weeks. Ethereum rose by 6.8% to $2,635.095, approaching the highs of $2,728 on September 27 and $3,019 on August 3. The other top 10 cryptocurrencies also saw gains.

On the news front, U.S. presidential candidate and current Vice President Harris pledged to support a regulatory framework for cryptocurrencies, boosting the trend of cryptocurrencies on Monday. Harris's statement significantly boosted market optimism, which was reflected during the Asian trading session.

According to a press release: "Vice President Harris knows that over 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 the regulatory framework, thus protecting African American men and other groups participating in this market."

For years, stakeholders in the cryptocurrency field have complained that U.S. officials have chosen to regulate through enforcement rather than providing clear regulations. Harris's latest commitment can be seen as a response to the cryptocurrency industry.

Earlier at the end of September, Harris also stated her support for cryptocurrency investments. She publicly stated that if elected, she would support increased investment in the artificial intelligence and cryptocurrency industries.

Meanwhile, U.S. presidential candidate and former President Trump is actively courting cryptocurrency voters in the 2024 presidential election and has multiple plans related to cryptocurrencies.

Analysts believe that the recent rise in cryptocurrencies is mainly driven by the U.S. election, initially from Trump's lead in prediction markets and polls, followed by Harris's semi-supportive comments on the cryptocurrency market. Although the specific details of Harris's cryptocurrency policy have not been seen yet, it sounds less negative than the Biden administration's attitude.

In the past few days, there has been a reversal in market predictions for the U.S. election, with Trump currently expected to have a higher chance of winning than Harris.

News also shows that the bankrupt Mt. Gox cryptocurrency exchange postponed the deadline for repaying the remaining assets to creditors by a year to October 31, 2025, with Arkham Intelligence estimating the value of the related assets at around $2.9 billion. This delay alleviates concerns about oversupply from creditors selling the returned bitcoins.

On Monday, most cryptocurrency-related ETFs and concept stocks also rose. The double long Bitcoin ETF rose by about 9%. Bitcoin miners CleanSpark rose by over 12%, while miner MARA rose by 5.6%. Cryptocurrency exchange Coinbase surged by 11%. MicroStrategy, which surged nearly 16% last Friday, initially rose on Monday morning but turned negative by the close.

Bitcoin had a weak start in October, but has since reversed this trend. Looking back over the past decade, October has been a strong month for Bitcoin, with an average increase of 20% this month. Industry insiders point out that historical data shows that the seasonal strength of the cryptocurrency market in October usually focuses on the second half of the month