Bitcoin surged to its highest level in two weeks, climbing as much as 5.6% on Monday, before stabilizing at $65,585 by 2:04 p.m. New York time. This upward movement comes on the heels of Vice President Kamala Harris’s pledge to support a regulatory framework for cryptocurrencies, which has fueled optimism among investors.
The positive sentiment was further bolstered during Asian trading hours as market participants reacted to China’s latest stimulus measures, leading speculators to pivot towards cryptocurrencies rather than Chinese stocks. In addition to Bitcoin’s gains, smaller tokens like Ether and Solana also experienced price increases.
Harris’s commitment to establishing a clearer regulatory framework follows years of criticism from crypto industry officials regarding the U.S. government’s approach, which has often leaned towards regulation through enforcement. Meanwhile, former President Donald Trump has actively courted the crypto voter base during his current presidential campaign, promoting several crypto-related initiatives.
“The recent bump in Bitcoin’s price is largely election-driven, initially spurred by Trump’s lead in polls and prediction markets, followed by supportive statements regarding crypto from the Harris campaign,” noted Noelle Acheson, author of the Crypto Is Macro Now newsletter. “While details on Harris’s crypto policy are still forthcoming, early indications suggest a less negative stance compared to the Biden administration.”
Prediction markets have recently shifted, now giving Trump better odds of winning compared to Harris. The positive sentiment has also extended to Bitcoin-related companies, with shares of digital exchange Coinbase climbing around 9% and miner MARA Holdings gaining 5%. Bitcoin proxy MicroStrategy remained stable after a notable 16% surge on Friday.
In other news, the bankrupt Mt. Gox crypto exchange announced a delay in its creditor repayment deadline, pushing it back by a year to October 31, 2025. Arkham Intelligence estimates that the exchange holds around $2.9 billion in remaining assets. This delay alleviates concerns about potential supply overhangs as creditors might look to sell returned Bitcoin.
“The recent improvement in Trump’s polling is likely to enhance market receptiveness and positively influence Bitcoin prices in response to good news,” stated Benjamin Celermajer, co-chief investment officer at Magnet Capital. “News such as the Mt. Gox repayment postponement will likely be welcomed by the market.”
As of now, Bitcoin is showing gains for October after a weak start to a month that historically yields an average increase of 20% in the past decade, according to Bloomberg data. Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, noted that “historical data indicates that the latter half of October usually brings stronger performance in crypto markets.”
Amid these developments, China is working to revitalize its economy, yet a highly anticipated policy briefing over the weekend failed to clarify the extent of the planned fiscal stimulus. Economists remain skeptical about the government’s efforts to combat deflation, and the rally in Chinese equities appears to be losing steam.
“Markets seem to interpret the lackluster Chinese stimulus as positive for Bitcoin, suggesting that capital rotation from Bitcoin to Chinese stocks had previously weighed on crypto prices,” said Caroline Mauron, co-founder of Orbit Markets, a digital asset derivatives liquidity provider.
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