What does Harris' statement mean for BTC's 5% rise?

Bitcoin is up more than 5% in the past 24 hours, and Ethereum is up more than 7%. Altcoins are not far behind.

This is the biggest one-day gain in the cryptocurrency space in nearly two months. More interestingly, investors poured $555 million into Bitcoin ETFs on Monday, the biggest one-day gain in four months.

The rise was partly due to a plan unveiled on Monday by Democratic presidential candidate Kamala Harris, which, among other things, advocates for a smart regulatory framework for cryptocurrencies.

Reading U.S. media coverage of the proposal, you'd think Harris has embraced cryptocurrencies with both arms.

Bloomberg writes: "Kamala Harris emphasizes capital access and cryptocurrencies to attract black men."

But in reality, the statement doesn't say much. Here's her agenda in full:

Let black men who hold digital assets benefit from financial innovation. More than 20% of black Americans own or have owned cryptocurrency assets. Vice President Harris appreciates that new technologies can expand access to banking and financial services. She will ensure that owners and investors in digital assets benefit from a regulatory framework that protects Black men and others participating in the market.

That’s it. That created a $5 billion market cap for Bitcoin.