Bitcoin rallied over 3% to $66,000 as investors cheered Democratic candidate Kamala Harris’s proposal for clearer crypto regulations.
Bitcoin BTC $83 033 24h volatility: 0.5% Market cap: $1.65 T Vol. 24h: $36.72 B and the broader cryptocurrency market are staging a strong surge today after Democratic Presidential Candidate Kamala Harris hinted at clear regulations for the crypto industry going ahead. Investors cheered as they remain hopeful that the regulation landscape of the US crypto market will improve after the elections.
Bitcoin price surged over 3% on Monday shooting all the way to $66,000. As of press time, BTC price is trading closer to its crucial resistance of $65,500 with the daily trading volumes surging by 70% and moving past $40.7 billion.
On the other hand, altcoins led by Ethereum ETH $1 814 24h volatility: 0.7% Market cap: $219.35 B Vol. 24h: $16.86 B have also been showing strength gaining anywhere between 3-10%.
Kamala Harris on Crypto Regulations
On Monday, October 14, Kamala Harris released a proposal dubbed the “Opportunity Agenda for Black Men”. This measure clearly highlights supporting the Black community that owns digital assets.
The document shows that Harris is willing to back a crypto regulation framework that protects the Black Men who invest and own digital assets. Interestingly, this proposal comes just a few weeks ahead of the US Elections.
Her campaign team emphasized her recognition of how new technologies can expand access to banking and financial services They wrote:
“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”.
Speaking on this development, Noelle Acheson, author of the Crypto Is Macro Now newsletter wrote:
“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.”
US Elections and Uptober Rally
The crypto market movement will closely follow the upcoming US elections just three weeks away from now. Furthermore, Donald Trump took a significant lead over Kamala Harris, according to the prediction of market shifts during the past week.
The digital asset industry has emerged as a significant force in the presidential election, contributing large donations to political action committees. Crypto firms are advocating for more favorable regulations while pushing back against the Securities and Exchange Commission’s crackdown led by Chair Gary Gensler.
The current market movement could be the beginning of the much-awaited Uptober rally. In a note to investors, Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors LLC wrote that “historical data suggests that October’s seasonal strength in crypto markets is typically weighted toward the latter half of the month”.
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