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Bitcoin soared after Kamala Harris's statement on supporting the regulatory framework for cryptocurrencies

October, 15 2024
watermark Economic news

The price of bitcoin rose sharply on Monday evening after Democratic presidential candidate Kamala Harris promised to support the regulatory framework for cryptocurrencies.


The world's largest cryptocurrency has peaked since the end of July, surpassing the $66,555 mark. After the spurt, prices partially rolled back, trading under moderate pressure on Tuesday. Now bitcoin is trading around $65,700, having lost 1.28% since the beginning of the day.


Vice President Harris on Monday announced her support for the regulatory framework for cryptocurrencies, but the details of her plan are still unknown.


This statement was one of the first mentions of cryptocurrency policy in her campaign speeches and raised hopes for a softer stance towards the cryptocurrency industry than the Biden administration.


Harris' promise helped traders ignore concerns about new regulatory moves against cryptocurrencies. This happened after the Securities and Exchange Commission sued one of the largest cryptocurrency market makers last week.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.