Bitcoin soared after Kamala Harris's statement on supporting the regulatory framework for cryptocurrencies

The price of bitcoin rose sharply on Monday evening after Democratic presidential candidate Kamala Harris promised to support the regulatory framework for cryptocurrencies.

The world's largest cryptocurrency has peaked since the end of July, surpassing the $66,555 mark. After the spurt, prices partially rolled back, trading under moderate pressure on Tuesday. Now bitcoin is trading around $65,700, having lost 1.28% since the beginning of the day.

Vice President Harris on Monday announced her support for the regulatory framework for cryptocurrencies, but the details of her plan are still unknown.

This statement was one of the first mentions of cryptocurrency policy in her campaign speeches and raised hopes for a softer stance towards the cryptocurrency industry than the Biden administration.

Harris' promise helped traders ignore concerns about new regulatory moves against cryptocurrencies. This happened after the Securities and Exchange Commission sued one of the largest cryptocurrency market makers last week.