The price of bitcoin rose on Tuesday after Democratic presidential candidate Kamala Harris pledged to support the regulatory framework for cryptocurrencies, while the prospect of postponing the Mt Gox distribution also helped boost investor sentiment. Writes UNN with reference to Investing.
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The world's largest cryptocurrency has been trading just above the $50,000 to $65,000 range for most of the year, but moved away from its peak over the weekend.
Bitcoin rose 2% to $65,395.0.
On Monday, Vice President Kamala Harris pledged to support the regulatory framework for cryptocurrencies, including giving black men easier access to the industry. However, the details of her plan have not yet been made public.
Nevertheless, Harris' pledge was one of her first mentions of cryptocurrency policy during her recent campaign efforts, raising hopes that she would not continue the Biden administration's repressive approach to the industry.
Harris is running a challenging presidential campaign against Republican candidate Donald Trump, with about three weeks left before the election. Trump continues to maintain a largely pro-cryptocurrency stance, and some cryptocurrency-related businesses, such as World Liberty Financial, are planning a launch next week.
Harris's promise also helped to ease traders' concerns about stricter regulation after the Securities and Exchange Commission sued a major cryptocurrency market player last week.
Bitcoin rose again over the weekend after the trust of the defunct Mt. Gox exchange postponed plans to return stolen bitcoins to creditors for a year. The exchange, which reportedly held nearly $10 billion worth of tokens, began reimbursing creditors in July. Last week, it was announced that the distribution will not be completed until the end of October 2025.
This detention reduced the pressure on the market, as the distribution of Mt Gox tokens could have increased the supply of bitcoin and affected its price.
Cryptocurrency prices today: Altcoins are growing along with bitcoin
The broader cryptocurrency market tracked bitcoin's gains. The second-largest cryptocurrency, ether, rose by 2.2% to $2,596.08.
SOL, XRP, and ADA rose by 1-2%, while MATIC remained unchanged.
Among meme tokens, DOGE gained 3.4%.
However, despite the recent growth, most crypto tokens have suffered losses over the past two weeks due to the lack of significant positive signals for the market.
Recall
Yesterday , the price of bitcoin rose, continuing the recovery that began over the weekend after the defunct Mt Gox crypto exchange announced that it would postpone payments to creditors for a year.