Bitcoin is experiencing a significant price surge this October, hitting a two-week high of $66,482. The surge has been fueled by growing optimism around support from U.S. regulators. Vice President Kamala Harris’s commitment to push for clearer cryptocurrency regulations has boosted investor confidence, helping Bitcoin outperform traditional assets like stocks and gold.
Harris Backs Crypto Regulation, Fueling Bitcoin’s Bull Run
Harris' commitment to establishing a clearer cryptocurrency regulatory framework is in response to years of industry complaints about regulatory uncertainty.
The political developments created a positive environment for the market, with Bitcoin rising to $66,482 on Monday, October 14, before stabilizing at $65,403. The rally was not limited to Bitcoin, as other major cryptocurrencies such as Ethereum and Solana also recorded gains.
Analysts say the growing political focus on cryptocurrency regulation, especially with the upcoming US elections, is fueling market optimism.
“This surge is largely due to the election, initially due to Trump’s lead in both prediction markets and polls, and then from the rather supportive statements regarding the crypto market from the Harris campaign,” said Noelle Acheson, author of the Crypto Is Macro Now newsletter.
Bitcoin outperforms stocks and gold
Bitcoin’s performance this October has outperformed global equities and gold, benefiting from a favorable regulatory outlook and a combination of positive macroeconomic factors. Bitcoin is up 2.4% over the past day and 8.7% for the month.
Spot gold prices fluctuated little, trading at $2,651.30 an ounce, down 0.21% during the session.
Mt. Gox Debt Delays Ease Market Concerns
Another factor supporting Bitcoin prices is the decision by the bankrupt exchange Mt. Gox to delay repayments. The exchange, which has about $2.9 billion in debt, has postponed repayments to creditors until October 2025.
The delay eased concerns about a sudden influx of Bitcoin into the market, which could have put upward pressure on prices. By pushing back the deadline, Mt. Gox alleviated immediate concerns about oversupply, further stabilizing Bitcoin's recent gains.
