President Joe Biden’s withdrawal from the 2024 presidential race has sparked discussions about the potential outcomes of the upcoming election. According to 10x Research, this move could pave the way for former President Donald Trump to secure a “decisive victory” in November. The firm argues that no credible candidate can seriously challenge Trump, suggesting that the election outcome may already be predetermined. This shift in the political landscape holds significant implications not only for the presidency but also for the crypto industry.
One key aspect affected by the potential change in administration is the leadership of the Securities and Exchange Commission (SEC). Historically, transitions between administrations have led to the resignation of the incumbent SEC chair. 10x’s head of research, Markus Thielen, believes that under a Trump administration, SEC Chair Gary Gensler could resign within the first two months of 2025. Past transitions have shown a pattern of SEC chairs stepping down before their terms end due to political pressure. Given the Trump administration’s pro-crypto stance, it is likely that Gensler’s role at the SEC would come to an end.
Changes in SEC leadership could bring about new perspectives and policies regarding the oversight of cryptocurrencies and blockchain technology. A pro-crypto administration is expected to establish a more favorable regulatory framework for digital assets, fostering growth and innovation within the industry. This shift in regulatory attitude could have far-reaching effects on the development and adoption of cryptocurrencies.
Thielen highlighted several bullish catalysts for the crypto market, including the potential launch of spot Ethereum ETFs and rumors of Trump making a surprise announcement at a Bitcoin conference. Industry insiders speculate that Trump might endorse Bitcoin as a strategic reserve asset and address regulatory challenges faced by the industry. Such an announcement could trigger a significant rise in Bitcoin’s value, potentially leading to a “parabolic” price increase.
At the time of writing, Bitcoin was trading around $68,100, up 1.1% over the past hours and nearing its previous all-time high. The total crypto market is valued at $2.47 trillion, with a 24-hour trading volume of $90.73 billion. Bitcoin dominance stands at 54.52%. These figures indicate a robust market performance and investor interest in digital assets.
President Biden’s withdrawal from the 2024 presidential race has far-reaching implications, not only for the political landscape but also for the crypto industry. The potential changes in SEC leadership and regulatory frameworks could shape the future of cryptocurrencies and blockchain technology. Market catalysts and speculations about Trump’s involvement in the industry add to the uncertainty and excitement surrounding Bitcoin’s future price movements. Investors and industry participants should closely monitor these developments for potential opportunities and risks in the evolving landscape.