The recent announcement by President Joe Biden of his withdrawal from the 2024 presidential race has sent shockwaves through the political landscape. According to 10x Research, this decision could pave the way for former President Donald Trump to secure a “decisive victory” in the November election. The firm has boldly stated that no credible candidate can seriously challenge Trump, indicating that the election outcome may already be predetermined.
The implications of President Biden’s withdrawal on the crypto industry are profound. A pro-crypto administration is now more likely to take over the White House, potentially leading to substantial changes in the leadership of the Securities and Exchange Commission (SEC). Historically, transitions between administrations have prompted the resignation of the incumbent SEC chair. In the case of a Trump administration, 10x Research predicts that SEC Chair Gary Gensler may resign within the first two months of 2025.
Under a pro-crypto administration, leadership changes at the SEC could bring about new perspectives and policies regarding the oversight of cryptocurrencies and blockchain technology. This shift is expected to foster a more favorable regulatory framework for digital assets, ultimately spurring growth and innovation within the industry. Trump’s running mate, J.D. Vance, has already criticized Gensler as the “worst person” to regulate crypto, suggesting a looming shakeup at the SEC.
Amidst speculation surrounding potential changes at the SEC, the crypto market has been buzzing with bullish catalysts. Reports of the potential launch of spot Ethereum ETFs, as well as rumors of Trump making a surprise announcement at the Bitcoin conference in Nashville, have fueled optimism among industry insiders. Trump’s endorsement of Bitcoin as a strategic reserve asset and his take on regulatory challenges facing the industry could trigger a “parabolic” rise in Bitcoin’s value.
As of the latest data, Bitcoin was trading at roughly $68,100, nearing its previous all-time high. The total crypto market is valued at $2.46 trillion, with a 24-hour trading volume of $90.1 billion. Bitcoin dominance stands at 54.50%, highlighting its significance in the digital asset market. Investors are advised to closely monitor Trump’s upcoming speech at the Bitcoin conference, as it could serve as a key catalyst for the future price action of Bitcoin.
President Biden’s decision to withdraw from the 2024 presidential race has far-reaching implications for both the political landscape and the crypto industry. A potential Trump administration could bring about significant changes at the SEC, leading to a more favorable regulatory environment for digital assets. The upcoming weeks promise to be filled with excitement and uncertainty as market participants eagerly await Trump’s announcement and its potential impact on the crypto market.
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