President Joe Biden’s exit from the 2024 presidential race has opened the door for former President Donald Trump to secure a “decisive victory” in the upcoming November election, according to 10x Research. The firm believes that no credible candidate can challenge Trump, essentially handing him the election without a single vote being cast.
This shift in the political landscape has significant implications for the crypto industry as well. With a pro-crypto administration more likely to take over the White House, changes in the leadership of the Securities and Exchange Commission (SEC) are expected. Historically, the transition between administrations has led to the resignation of the incumbent SEC chair, and 10x predicts that current SEC Chair Gary Gensler may resign within the first two months of 2025 under a Trump administration.
A Trump presidency could bring about new perspectives and policies regarding the oversight of cryptocurrencies and blockchain technology. Industry insiders are anticipating a more favorable regulatory framework for digital assets, which could spur growth and innovation in the sector.
In addition, there are several bullish catalysts on the horizon for the crypto market. Rumors suggest that Trump may endorse Bitcoin as a strategic reserve asset at the upcoming Bitcoin conference in Nashville on July 25. This endorsement, if it were to happen, could trigger a “parabolic” surge in Bitcoin’s price, according to 10x Research. Investors are advised to hold off on taking profits or shorting BTC until after Trump’s speech, with Bitcoin’s previous all-time high of $68,300 being a key level to watch for future price action.
As of the latest market 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 currently valued at $2.44 trillion, with a 24-hour volume of $86.74 billion, and Bitcoin dominance holding steady at 54.65%.
Overall, the combination of Biden’s exit from the presidential race, the potential for a Trump victory, and the rumored endorsement of Bitcoin as a strategic asset all point to an interesting and potentially bullish future for the crypto industry. Investors and industry observers alike will be closely watching developments in the coming months.