10x Analysis mentioned President Joe Biden’s withdrawal from the 2024 presidential race would permit former President Donald Trump to safe a “decisive victory” within the November election.
In accordance with the agency:
“No credible candidate can significantly problem Donald Trump. The November election seems to have been determined with no single vote.”
10x believes this shift holds vital implications for each the political panorama and the crypto trade as a pro-crypto administration is now extra more likely to take over the White Home, probably resulting in substantial adjustments within the Securities and Change Fee’s (SEC) management.
SEC management change
10x head of analysis Markus Thielen mentioned that traditionally, the transition between administrations has prompted the resignation of the incumbent SEC chair.
Thielen believes the cycle might repeat beneath a Trump administration, with SEC Chair Gary Gensler seemingly resigning inside the first two months of 2025 — properly 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 on account of political strain.
Thielen mentioned {that a} Trump presidency would seemingly finish Gensler’s position 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 particular person” to control crypto, citing a backward method to crypto coverage.
Management adjustments on the SEC might carry new views and insurance policies relating to the oversight of cryptocurrencies and blockchain expertise. A professional-crypto administration is predicted to foster a extra favorable regulatory framework for digital property, resulting in development and innovation inside the trade.
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 deal with a number of the regulatory challenges the trade faces.
Thiele believes such an announcement would be the catalyst for a “parabolic” rise in Bitcoin’s worth. He cautioned traders in opposition to taking income or shorting BTC earlier than Trump’s speech, suggesting that Bitcoin’s earlier bull market all-time excessive of $68,300 could possibly be a key stage for future value 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. Be taught 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 at present at 54.50%. Be taught extra in regards to the crypto market ›
