10x Research recently made a bold claim that President Joe Biden’s withdrawal from the 2024 presidential race would pave the way for former President Donald Trump to secure a “decisive victory” in the November election. The firm believes that no credible candidate exists who could seriously challenge Trump, indicating that the election outcome may have already been predetermined without a single vote being cast. This prediction has significant implications not only for the political landscape but also for the crypto industry.
According to 10x head of research Markus Thielen, a Trump administration is likely to bring about changes in the leadership of the Securities and Exchange Commission (SEC). Historically, transitions between administrations have led to the resignation of the incumbent SEC chair. Thielen suggests that under a Trump presidency, SEC Chair Gary Gensler could resign within the first two months of 2025, well before his official term ends in June 2026. Previous administrations have seen similar patterns, with chairs like Mary Jo White, Christopher Cox, and Harvey Pitt stepping down due to political pressure.
If a pro-crypto administration takes over the White House, it could lead to a more favorable regulatory framework for digital assets. This shift is expected to foster growth and innovation within the crypto industry. The potential leadership changes at the SEC could bring new perspectives and policies regarding the oversight of cryptocurrencies and blockchain technology. Trump’s running mate, J.D. Vance, has already criticized Gensler’s approach to regulating crypto, highlighting the administration’s stance on the issue.
Thielen pointed out several bullish catalysts for the crypto market, including the possible launch of spot Ethereum ETFs and rumors of Trump making a significant announcement at the upcoming Bitcoin conference in Nashville on July 25. Industry insiders speculate that Trump might endorse Bitcoin as a strategic reserve asset and address some of the regulatory challenges facing the industry. Thielen believes that such an announcement could trigger a “parabolic” rise in Bitcoin’s value. Investors are advised against taking profits or shorting BTC before Trump’s speech, with the previous all-time high of $68,300 being a key level to watch for future price action.
As of the latest data, Bitcoin was trading at around $68,100, up 1.1% over the past hours, and nearing its previous all-time highs. The total crypto market is valued at $2.46 trillion, with a 24-hour volume of $90.1 billion. Bitcoin dominance stands at 54.50%, cementing its position as the top cryptocurrency by market cap. The potential impact of Biden’s withdrawal and Trump’s possible victory on the crypto industry remains to be seen, but the upcoming developments could reshape the regulatory landscape and drive further growth in the sector.
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