Oct 15 2024: Bitcoin’s price saw an uptick on Tuesday, climbing to $65,000 following U.S. Vice President Kamala Harris’ commitment to supporting a regulatory framework for cryptocurrency. Additionally, optimism grew as the delayed distribution of Mt Gox’s Bitcoin assets eased market concerns.
The world’s largest cryptocurrency traded slightly above the $50,000 to $65,000 range that it has hovered around for most of the year. However, it has pulled back slightly from the weekend highs. By 01:14 ET (05:14 GMT), Bitcoin was up 2%, trading at $65,395.
Harris Backs Crypto Regulations On Monday, Vice President Harris pledged to back a regulatory framework for the cryptocurrency industry, including measures aimed at improving access for Black men. Although specific details of her framework remain unclear, her remarks marked a significant step in her campaign and sparked optimism that her administration would not continue the Biden Administration’s stricter stance on crypto.
Harris is currently in a tight race against Republican candidate Donald Trump, with about three weeks until the election. Trump has maintained a pro-crypto position and is reportedly linked to upcoming crypto ventures, including World Liberty Financial, set to launch next week.
Harris’ pledge provided some relief to traders, who were recently concerned after the SEC filed a lawsuit against a major crypto market maker last week.
Mt Gox Delays Token Distribution Bitcoin experienced a rally over the weekend after the defunct crypto exchange Mt Gox delayed its plan to return stolen Bitcoin to creditors by a year. Initially, the exchange had begun distributing the tokens, worth nearly $10 billion, back in July. Last week, it announced that final distributions would be postponed until October 2025.
Earlier news of the token distributions had caused sharp declines in Bitcoin prices, as the release of additional tokens was expected to increase selling pressure. However, the staggered distribution schedule alleviated concerns, reducing the immediate impact on the market.
Altcoins Follow Bitcoin’s Lead Broader cryptocurrency markets followed Bitcoin’s gains. Ethereum, the second-largest cryptocurrency, rose 2.2% to $2,596.08. SOL, XRP, and ADA increased between 1% and 2%, while MATIC remained steady.
Among meme tokens, Dogecoin (DOGE) jumped 3.4%. Despite these recent gains, most cryptocurrencies are still recovering from losses incurred over the past two weeks amid a lack of significant positive developments in the industry.
