On Monday, digital currencies and related stocks generally rose, with Bitcoin and Ethereum both rising by at least 6%. Bitcoin rose by 6% intraday, reaching a high of $66,479, the highest in two weeks. Ethereum increased by 6.8%, reaching $2,635.095, approaching the highs of $2,728 on September 27 and $3,019 on August 3. The other top 10 digital currencies also saw across-the-board gains.

On the news front, US presidential candidate and current vice president Harris promised to support a regulatory framework for digital currencies, boosting the momentum of digital currencies on Monday. Harris's statement significantly boosted market optimism, which was evident during the Asian trading session.

According to a press release: "Vice President Harris knows that over 20% of African Americans own or have owned crypto assets, which is why her plan will ensure that owners and investors in digital assets can benefit from regulatory frameworks, protecting African American men and other groups participating in this market."

For years, stakeholders in the digital currency industry have complained that US officials choose to regulate through enforcement rather than providing clear regulations. Harris's latest commitment can be seen as a response to the digital currency industry.

At the end of September, Harris also expressed support for crypto investments. She publicly stated that if elected, she would support increased investments in artificial intelligence and the crypto industry.

Meanwhile, US presidential candidate and former president Trump actively courts digital currency voters in the 2024 presidential election and has multiple plans related to digital currencies.

Analysts believe that the recent rise in digital currencies is mainly driven by the US elections, initially from Trump's lead in prediction markets and polls, followed by semi-supportive comments on the digital currency market from Harris's campaign team. While the specifics of Harris's digital currency policy have not yet been seen, it sounds less negative than the attitude of the Biden administration.

Over the past few days, there has been a reversal in the market's forecast for the US presidential election, with the current expectation that Trump's chances of winning are higher than Harris'.

The news also indicates that the bankrupt Mt. Gox crypto exchange has postponed the deadline for repaying the remaining assets to creditors by a year to October 31, 2025. Arkham Intelligence estimates the value of the related assets to be around $2.9 billion. This delay alleviates concerns about the potential oversupply of Bitcoin that creditors may sell back.

On Monday, most digital currency-related ETFs and concept stocks also rose. The double-long bitcoin ETF rose by about 9%. Bitcoin mining company $CleanSpark (CLSK.US)$ rose over 12%, mining company $MARA Holdings (MARA.US)$ rose by 5.6%. Digital currency exchanges $Coinbase (COIN.US)$ Surged by 11%. $MicroStrategy (MSTR.US)$ It surged nearly 16% last Friday, rose again in early trading on Monday, but turned into a decline at the close.

Bitcoin started off weak in October, but has now reversed this trend. Looking back over the past decade, October has been a strong month for Bitcoin, with an average increase of 20% this month. Industry experts point out that historical data shows that the seasonal strength of the crypto market in October typically concentrates in the second half of the month.

Editor/Somer