Investing.com – Bitcoin’s price rose on Tuesday after Democratic presidential candidate Kamala Harris pledged support for a regulatory framework for cryptocurrencies, while the prospect of delayed distributions by Mt Gox also boosted sentiment.

The world’s largest cryptocurrency was trading slightly above the $50,000 to $65,000 trading range seen for most of the year. This weekend, however, peaks were reached.

rose 2% to $65,395.0 by 01:14 ET (05:14 GMT).

Harris promises regulatory framework for cryptocurrencies

Vice President Kamala Harris on Monday pledged to support a regulatory framework for cryptocurrencies, including allowing black men easier access to the industry. But details of its planned framework were not immediately clear.

Still, Harris’ pledge was one of her first mentions of crypto policy in recent campaigns and raised some hopes that she would not extend the Biden administration’s crackdown on the industry.

With about three weeks until the vote, Harris faces a tight presidential race against Republican candidate Donald Trump. Trump has so far maintained a largely pro-crypto stance and even has a few cryptocurrency-related business ventures, of which World Liberty Financial is set to launch next week.

Harris’ pledge also helped traders put aside concerns about more regulatory moves against cryptocurrencies after the Securities and Exchange Commission sued a major cryptocurrency market maker last week.

Mt Gox postpones token distribution

Bitcoin surged over the weekend after the managers of now-defunct cryptocurrency exchange Mt Gox postponed plans to return stolen Bitcoins to creditors for a year.

The now-defunct exchange, which reportedly held nearly $10 billion worth of tokens, began returning tokens to creditors in July. The exchange signaled last week that it would finish token distribution only by the end of October 2025.

The Mt Gox token distributions initially triggered acute losses in Bitcoin, given that the distributions involved increased Bitcoin supplies and greater selling pressure on prices.

However, a staggered distribution creates less selling pressure on Bitcoin.

Cryptocurrency Price Today: Altcoins Track Bitcoin’s Rise

The broader cryptocurrency tracked gains in Bitcoin. World no. 2 cryptocurrency rose 2.2% to $2,596.08.

and increased from 1% to 2% while remaining stable.

Among meme tokens, 3.4% was added.

However, despite the recent gains, most crypto tokens have recorded losses over the past two weeks, with no significant positive signs for the industry.