10x Analysis stated President Joe Biden’s withdrawal from the 2024 presidential race would enable former President Donald Trump to safe a “decisive victory” within the November election.
In response to the agency:
“No credible candidate can critically problem Donald Trump. The November election seems to have been determined and not using a single vote.”
10x believes this shift holds important implications for each the political panorama and the crypto business as a pro-crypto administration is now extra more likely to take over the White Home, doubtlessly resulting in substantial modifications within the Securities and Change Fee’s (SEC) management.
SEC management change
10x head of analysis Markus Thielen stated that traditionally, the transition between administrations has prompted the resignation of the incumbent SEC chair.
Thielen believes the cycle may repeat underneath a Trump administration, with SEC Chair Gary Gensler possible resigning throughout the first two months of 2025 — effectively earlier than his time period formally ends on June 5, 2026.
He pointed to earlier transitions which have proven this sample, together with Mary Jo White, Christopher Cox, and Harvey Pitt — every of whom resigned earlier than their phrases had been up as a result of political stress.
Thielen stated {that a} Trump presidency would possible finish Gensler’s function as head of the SEC, given the administration’s pro-crypto stance. In February, Trump’s working mate, J.D. Vance, criticized Gensler because the “worst individual” to control crypto, citing a backward method to crypto coverage.
Management modifications on the SEC may carry new views and insurance policies concerning the oversight of cryptocurrencies and blockchain know-how. A professional-crypto administration is anticipated to foster a extra favorable regulatory framework for digital property, resulting in progress and innovation throughout the business.
Bullish catalyst
Thielen highlighted a number of bullish catalysts for the crypto market this week, together with the potential launch of spot Ethereum ETFs, in addition to “a number of studies and rumors” about Trump making a shock announcement on the Bitcoin convention in Nashville on July 25.
Business insiders declare Trump would possibly endorse Bitcoin as a strategic reserve asset on the convention and handle among the regulatory challenges the business faces.
Thiele believes such an announcement would be the catalyst for a “parabolic” rise in Bitcoin’s worth. He cautioned traders towards taking earnings or shorting BTC earlier than Trump’s speech, suggesting that Bitcoin’s earlier bull market all-time excessive of $68,300 might be a key stage for future worth motion.
Bitcoin was buying and selling at roughly $68,100 as of press time — up 1.1% over the previous hours — and hovering near its earlier all-time highs, primarily based on CryptoSlate knowledge.
Bitcoin Market Information
On the time of press 9:28 pm UTC on Jul. 22, 2024, Bitcoin is ranked #1 by market cap and the worth is up 0.1% over the previous 24 hours. Bitcoin has a market capitalization of $1.34 trillion with a 24-hour buying and selling quantity of $43.71 billion. Study extra about Bitcoin ›
Crypto Market Abstract
On the time of press 9:28 pm UTC on Jul. 22, 2024, the full crypto market is valued at at $2.46 trillion with a 24-hour quantity of $90.1 billion. Bitcoin dominance is presently at 54.50%. Study extra concerning the crypto market ›
Talked about on this article
