Key Points
- Bitcoin and other cryptocurrencies experienced a surge following Kamala Harris’s hint at clear crypto industry regulations.
- Kamala Harris’s proposal supports a crypto regulation framework protecting the Black community that owns digital assets.
Bitcoin and other cryptocurrencies are experiencing a strong surge. This comes after Democratic Presidential Candidate Kamala Harris hinted at establishing clear regulations for the crypto industry. Investors are hopeful that the US crypto market’s regulatory landscape will improve after the elections.
Bitcoin’s price surged over 3% on Monday, reaching $66,000. At the time of reporting, Bitcoin’s price is trading closer to its crucial resistance of $65,500. The daily trading volumes have surged by 70%, exceeding $40.7 billion.
Altcoins and Ethereum’s Performance
Meanwhile, altcoins, led by Ethereum, have also displayed strength, gaining between 3-10%.
Kamala Harris’s Stance on Crypto Regulations
On October 14, Kamala Harris released a proposal titled the “Opportunity Agenda for Black Men”. This measure emphasizes support for the Black community that owns digital assets.
Harris is reportedly backing a crypto regulation framework that protects Black men who invest and own digital assets. This proposal was released a few weeks ahead of the US Elections.
Her campaign team highlighted her recognition of how new technologies can expand access to banking and financial services. They stated, “She will make sure owners of and investors in digital assets benefit from a regulatory framework so that Black men and others who participate in this market are protected”.
Noelle Acheson, author of the Crypto Is Macro Now newsletter, commented on this development. She stated, “The bump is largely election-driven, initially from Trump’s lead in both prediction markets and polls, and later from semi-supportive statements regarding crypto markets from the Harris campaign. I haven’t seen detail yet on the Harris crypto policy, but it’s sounding less negative than Biden’s administration.”
The Impact of US Elections and the Anticipated Uptober Rally
The crypto market movement is likely to be influenced by the upcoming US elections. Donald Trump has taken a significant lead over Kamala Harris, according to market shifts’ predictions during the past week.
The digital asset industry has become a significant player in the presidential election, contributing large donations to political action committees. Crypto firms are advocating for more favorable regulations while resisting the Securities and Exchange Commission’s crackdown led by Chair Gary Gensler.
The current market movement could be the start of the much-anticipated Uptober rally. In a note to investors, Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors LLC, stated that “historical data suggests that October’s seasonal strength in crypto markets is typically weighted toward the latter half of the month”.
