On Monday, digital currencies and their related concept stocks rose across the board, with Bitcoin and Ethereum both increasing by at least 6%. Bitcoin's intraday gain reached 6%, trading at $66,233, marking the highest level in two weeks. Ethereum rose by 6.8%, trading at $2,635.095, approaching the highs of $2,728 on September 27 and $3,019 on August 3. The rest of the top 10 digital currencies also saw a universal uptick.

In terms of news, the current Vice President and U.S. presidential candidate, Harris, pledged to support a regulatory framework for digital currencies, which boosted the market sentiment on Monday and added to the optimism already present during the Asian trading session.

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

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

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At the end of September, Harris also expressed support for investment in cryptocurrencies. She publicly stated that if elected, she would support increased investment in the artificial intelligence and cryptocurrency industries.

Meanwhile, former President Trump, a U.S. presidential candidate for the 2024 election, is actively courting the digital currency electorate and has several plans related to digital currencies.

Analysis suggests that this rise in digital currencies is primarily driven by the U.S. election, initially stemming from Trump's lead in prediction markets and polls, followed by the semi-supportive remarks about the digital currency market from Harris's campaign team. Although specific details of Harris's digital currency policy have not yet been seen, it sounds less negative than the Biden administration's stance.

In the past few days, market predictions for the U.S. election have flipped, with current estimates suggesting Trump's chances of winning are higher than Harris's.

News also indicates that the bankrupt Mt. Gox cryptocurrency exchange has postponed the deadline for creditors to be repaid from the remaining assets by one year to October 31, 2025, with Arkham Intelligence estimating the value of the related assets to be around $2.9 billion. This delay has eased concerns about a potential oversupply of Bitcoin that creditors might sell upon receiving their repayments.

On Monday, digital currency-related ETFs and concept stocks also mostly rose. The double long Bitcoin ETF increased by about 9%. Bitcoin miner CleanSpark rose by over 12%, and miner MARA increased by 5.6%. Digital currency exchange Coinbase surged by 11%. MicroStrategy jumped nearly 16% on Friday and continued to rise in early trading on Monday, although it closed with a decline.Bitcoin started October on a weak note, but has since turned around this downturn. Looking back at the past decade, October has been a strong month for Bitcoin, with an average increase of 20% for the month. Some industry insiders have pointed out that historical data shows that the seasonal strength of the cryptocurrency market in October is usually concentrated in the second half of the month.