President Joe Biden’s recent announcement of his withdrawal from the 2024 presidential race has sparked speculation about the potential implications for the upcoming November election. According to 10x Research, this move could pave the way for former President Donald Trump to secure a “decisive victory.” The firm expressed a belief that no credible candidate could seriously challenge Trump, suggesting that the election outcome may have already been decided even before a single vote is cast.
The shift in the political landscape has not gone unnoticed in the crypto industry, with analysts predicting significant implications for the future. A key aspect highlighted by 10x Research is the likelihood of a pro-crypto administration taking over the White House, which could lead to substantial changes in the leadership of the Securities and Exchange Commission (SEC). Historically, transitions between administrations have often prompted the resignation of the incumbent SEC chair, as seen with previous figures such as Mary Jo White, Christopher Cox, and Harvey Pitt.
Markus Thielen, head of research at 10x, suggested that under a Trump administration, SEC Chair Gary Gensler might resign within the first two months of 2025, well before his term officially ends in June 2026. Trump’s running mate, J.D. Vance, has been critical of Gensler in the past, labeling him as the “worst person” to regulate crypto due to his perceived backward approach to crypto policy. These leadership changes at the SEC could bring about new perspectives and policies regarding the oversight of cryptocurrencies and blockchain technology.
A pro-crypto administration is anticipated to create a more favorable regulatory framework for digital assets, fostering growth and innovation within the industry. Analysts have pointed to several bullish catalysts for the crypto market, including the potential launch of spot Ethereum ETFs and rumors of a surprise announcement by Trump at the Bitcoin conference in Nashville. Industry insiders speculate that Trump might endorse Bitcoin as a strategic reserve asset at the conference, addressing some of the regulatory challenges faced by the industry.
Thielen believes that such an announcement from Trump could be the catalyst for a “parabolic” rise in Bitcoin’s value. He cautioned investors against taking profits or shorting BTC before Trump’s speech, indicating that Bitcoin’s previous bull market all-time high of $68,300 could be a crucial level for future price action. As of the latest data, Bitcoin was trading at approximately $68,100, up 1.1% over the past hours, hovering close to its previous all-time highs.
According to CryptoSlate data, as of 9:01 PM UTC on July 22, 2024, Bitcoin is ranked #1 by market cap, with a market capitalization of $1.35 trillion and a 24-hour trading volume of $43.81 billion. The total crypto market is valued at $2.47 trillion, with a 24-hour volume of $90.73 billion, and Bitcoin dominance currently stands at 54.52%.
President Biden’s decision to withdraw from the 2024 presidential race has generated considerable speculation about the future political landscape and its potential impact on the crypto industry. Analysts foresee a pro-crypto administration under Trump’s leadership, which could lead to significant changes in the regulatory environment and foster growth and innovation within the industry. Investors are closely watching for any developments, particularly regarding leadership changes at the SEC and potential announcements by Trump that could influence the market’s trajectory.
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