President Joe Biden’s recent withdrawal from the 2024 presidential race has sparked discussions and predictions about the potential outcomes of the November election. One firm, 10x Research, believes that former President Donald Trump could secure a “decisive victory” in the upcoming election due to the absence of a credible challenger. According to the firm, the November election may have already been decided before a single vote is cast.
The withdrawal of President Biden and the possible resurgence of Donald Trump have significant implications for both the political landscape and the crypto industry. A pro-crypto administration is now considered more likely to take over the White House, which could lead to substantial changes in the leadership of regulatory bodies like the Securities and Exchange Commission (SEC).
Historically, transitions between administrations have prompted the resignation of the incumbent SEC chair. In the event of a Trump administration, 10x Research predicts that current SEC Chair Gary Gensler may resign within the first two months of 2025, before his term officially ends in June 2026. Previous transitions have shown a pattern of resignations due to political pressure, and the firm believes that a Trump presidency would likely result in the end of Gensler’s role at the SEC.
The potential changes in SEC leadership under a pro-crypto administration could bring new perspectives and policies regarding the oversight of cryptocurrencies and blockchain technology. Industry experts anticipate a more favorable regulatory framework for digital assets, which could spur growth and innovation within the crypto industry. Some of the bullish catalysts for the crypto market include the potential launch of spot Ethereum ETFs and rumors of Trump making a significant announcement at a Bitcoin conference in Nashville.
Market insiders are speculating about the potential impact of Trump’s endorsement of Bitcoin as a strategic reserve asset at the upcoming conference. Some believe that such an announcement could trigger a “parabolic” rise in Bitcoin’s value. Analysts caution investors against taking profits or shorting Bitcoin before Trump’s speech, suggesting that the previous all-time high of $68,300 could be a critical level for future price action. As of the latest data, Bitcoin is trading close to its previous all-time highs, with a market cap of $1.34 trillion and a 24-hour trading volume of $43.71 billion.
As of the latest data at 9:28 pm UTC on July 22, 2024, 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%, retaining its position as the top cryptocurrency by market cap. The price of Bitcoin is up 0.1% over the past 24 hours, signaling continued interest and activity in the crypto market.
President Biden’s decision to withdraw from the 2024 presidential race has set the stage for potential political and regulatory changes that could impact the crypto industry. The resurgence of Donald Trump and the speculation surrounding his stance on cryptocurrencies have generated excitement and uncertainty among investors and market participants. As the election season progresses, it will be interesting to see how these developments unfold and their implications for the future of digital assets.
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