Bitcoin Approaches a New High as Harris First Voices Support for Crypto Market Reform

Crypto markets recovered after the Fed announced a rate cut. Bitcoin rose strongly, passing $64,000 to a near-monthly high. US vice-president and 2024 Democratic presidential candidate Kamala Harris also made her first public comments on crypto, pledging to include the sector in her opportunity economy vision.

At publication on the 23rd, BTC traded at $63,825.97, up 1.44% over 24 hours and about 9.5% over seven days. ETH stood at $2,622.99, up 0.95% over 24 hours and 15% over seven days.

Harris: crypto is part of the opportunity economy

Foreign media reported that Harris first publicly addressed the sector at a Wall Street fundraiser, placing AI and crypto technology within her opportunity economy vision. She pledged to invest in US competitiveness and its future, encouraging technologies including AI and digital assets while protecting consumers and investors.

Trump had also been active in crypto, buying burgers with Bitcoin at a crypto-themed New York bar as a sign of openness to the asset.

Election developments: Harris and Trump's crypto positions

Harris's election standing improved after her first televised debate with Trump. Polymarket data put her ahead in four of six swing states, with an overall winning probability of 52%, against Trump's 47%.

VanEck's report described the election's crypto implications as complex, but suggested a Harris victory might benefit Bitcoin more than a Trump victory. It argued that her policies could accelerate regulatory clarity and strengthen Bitcoin's position among digital assets.

The report also said a Trump victory could bring more deregulation, potentially benefiting the broader crypto industry.

Analysts turn bullish on Bitcoin and a possible record high

Following Bitcoin's rise, analysts were optimistic. Trader Titan of Crypto cited weekly RSI as a sign of building momentum, suggesting a new record and potentially $85,000.

Weekly RSI had crossed the key 50/100 level and broken the downward trend since March's record. Titan of Crypto said a green September close could support upward momentum through the fourth quarter.