Harris’s Crypto Push Drives Bitcoin Rally to $66K, Outpacing Traditional Assets

• Bitcoin rallied to above $66,400 on Monday, outperforming stocks and gold.
• VP Kamala Harris pledged to support clearer crypto regulations, boosting market sentiment.
• Delayed repayments from Mt. Gox eased concerns of a market flood, further stabilizing Bitcoin’s price.

Bitcoin is experiencing a significant surge this October, reaching a two-week high of $66,482. The rise is driven by growing optimism surrounding support from U.S. regulators. Vice President Kamala Harris’s pledge to push for clearer cryptocurrency regulations has boosted investor confidence, helping Bitcoin surpass traditional assets like stocks and gold.

Harris Backs Crypto Regulation, Fueling Bitcoin Rally

Harris’s commitment to establishing a clearer cryptocurrency regulatory framework for cryptocurrencies comes in response to years of industry complaints about regulatory uncertainty. 

The political development has created a positive environment for the market, with Bitcoin climbing to $66,482 on Monday, October 14, before settling at $65,403. The rally extends beyond Bitcoin, as other major cryptocurrencies like Ethereum and Solana have also recorded gains.

Analysts suggest that the increased political focus on cryptocurrency regulation, especially with the upcoming U.S. elections, is driving market optimism.

Noelle Acheson, author of the Crypto Is Macro Now newsletter, stated, “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.”

Bitcoin Outpaces Stocks and Gold

Bitcoin’s performance this October has outshined global stocks and gold, benefiting from a favorable regulatory outlook and a combination of positive macroeconomic factors. As of now, Bitcoin has risen by 2.4% in the past day and is up 8.7% for the month.

Spot gold saw minimal movement, trading at $2,651.30 per ounce, reflecting a loss of 0.21% for the session.

Mt. Gox Repayment Delay Eases Market Concerns

Another factor supporting Bitcoin’s price is the delayed repayment decision by the bankrupt Mt. Gox exchange. The exchange, which owes about $2.9 billion in assets, has postponed creditor repayments until October 2025.

The delay reduces fears of a sudden influx of Bitcoin into the market, which could have pressured prices. By pushing back the deadline, Mt. Gox alleviates immediate concerns about a potential oversupply, further stabilizing Bitcoin’s recent gains.