Bitcoin surged to its highest level in two weeks, buoyed by Vice President Kamala Harris’s commitment to fostering a regulatory framework for cryptocurrencies. This announcement contributed to an optimistic sentiment that emerged during Asian trading hours, as speculators appear more inclined to invest in cryptocurrencies over Chinese stocks following a mixed response to the nation’s recent stimulus measures.
On Monday, October 14, Bitcoin experienced a significant uptick, climbing as much as 5.6 percent before settling at approximately $65,630 at 12:25 PM in New York. Other digital currencies also saw gains, with Ether—currently the second-largest cryptocurrency—and Solana, a top-10 coin, both advancing in value.
Harris’s pledge comes after years of concerns voiced by cryptocurrency industry leaders about U.S. regulatory practices. Critics have accused officials of opting for a regulation-through-enforcement approach, rather than providing clear guidelines. Meanwhile, former President Donald Trump has been actively courting cryptocurrency supporters in the current presidential race, engaging in various crypto-related ventures.
In recent days, prediction markets have shifted, now assigning Trump a higher probability of victory than Harris.
Shares of companies associated with Bitcoin also rallied, with digital exchange Coinbase rising by around 8 percent and miner Marathon Holdings gaining 5 percent. Bitcoin proxy MicroStrategy saw little change after a substantial 16 percent increase on Friday.
Additionally, the bankrupt Mt. Gox crypto exchange announced last week that it would extend the creditor repayment deadline for its remaining assets to October 31, 2025. Arkham Intelligence estimates these assets to be worth approximately $2.9 billion. This delay alleviates fears of a market oversupply from creditors who may have otherwise rushed to sell their recovered Bitcoin.
Benjamin Celermajer, co-chief investment officer at Magnet Capital, remarked, “The recent improvement in Trump’s polling will amplify the market’s receptiveness and the positive price impact of good news.” He noted that developments like the delayed repayment plan from Mt. Gox would likely be viewed favorably by the market.
Despite a rocky start to the month, Bitcoin has gained traction in October, a month that has historically averaged a 20 percent increase over the past decade, according to Bloomberg data. Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors, pointed out that “historical data suggests that October’s seasonal strength in crypto markets is typically weighted towards the latter half of the month.”
In China, efforts to rejuvenate the economy have met with mixed reactions. A much-anticipated policy briefing over the weekend failed to clarify the extent of fiscal stimulus planned by the government. Economists remain skeptical about whether officials are taking sufficient steps to combat deflation, leading to a decline in the once-spectacular rally of Chinese equities.
Caroline Mauron, co-founder of Orbit Markets, a provider of liquidity for trading in digital-asset derivatives, suggested, “Markets are likely interpreting the disappointing China stimulus as positive news for Bitcoin, as the capital rotation from Bitcoin into Chinese equities had previously weighed on crypto prices.”
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