Bitcoin rose by over 2% today following pledged support from Kamala Harris the presidential candidate for the Democrats. She said that she would give support to a regulatory framework for cryptocurrencies. It was hinted also that Mt Gox would delay distributions which further strengthened it’s position.

Bitcoin is the world’s largest cryptocurrency and its trading range was slightly above the $50,000 to $65,000 range seen through most of the year. However, this did come off highs from over the weekend. 

Bitcoin rose 2% to $65,395.0 by 01:14 ET (05:14 GMT). 

Harris pledge for regulatory framework

On Monday the Vice President pledged her support for the regulatory framework for crypto. In a further move, she also pledged to support people of colour with an easier way to access the industry however more details of just how the framework would operate were not disclosed. During her recent Presidential campaigning, she has not before mentioned cryptocurrency and this has created hope from within the markets that she will not carry on down the same path as Biden whose Administration sought to oppose and crackdown against the industry.

The presidential race against the Republicans and the imposing figure of Donald Trump is looking like a very close one and with Trump being mainly pro-crypto this appears to be a common policy between the two parties a rarity with only 3 weeks to go. World Liberty Financial is set to launch several crypto-related business ventures and The pledge from Harris has eased concerns of traders about more regulations against crypto.

Delay of token distribution by Mt Gox

The now defunct crypto exchange has delayed its plans to return stolen Bitcoins to creditors until this time in 2025. It held almost $10 billion in tokens and had started to return them to creditors but this postponement has meant more Bitcoin supplies will not now flood the market and so will stem the big losses that the initial returns had sparked.

This more controlled distribution will put less pressure to sell and so ease the potential falls.
 

(Source: Investing.com)