Bitcoin climbs as Harris backs crypto framework
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The news: Bitcoin surged to a two-week high, climbing 5.6% following reports US Vice President Kamala Harris was pledging support for a cryptocurrency regulatory framework, fuelling optimism among crypto traders.
The numbers: The largest digital asset traded at USD65,630 ($97,640) in New York by midday (Tuesday early morning AEST). Other tokens like Ether and Solana followed suit, gaining 4.2% and 3.8% respectively, while shares of crypto-related companies Coinbase and MARA Holdings also rose.
The context: Harris pledged support for a regulatory framework for cryptocurrencies, offering clarity for the industry, which has long faced regulation through enforcement.
Her stance comes as former President Donald Trump has also courted crypto voters ahead of the 2024 election.
Analysts cited by Bloomberg said that the mix of US election dynamics and weak Chinese stimulus were factors driving capital back into crypto.
Market sentiment also improved as bankrupt crypto exchange Mt Gox delayed creditor repayments to October 2025, easing fears that a large Bitcoin sell-off would flood the market.
The sources: Bloomberg , Investopedia
