The leading cryptocurrency continues to experience fluctuations and is lingering around $67,300 as this article is being prepared. The US markets opened as the article was being prepared, and the price quickly rose to $68,000 before retreating. Putting short-term movements aside, a significant development awaits us at the beginning of 2025.
Cryptocurrencies in 2025
If we take the polls seriously, we see many supportive reports that Trump will win the November elections. With Biden withdrawing from the race for various reasons, Trump will compete against the Democrats’ Harris. Following the recent shooting, the former US President’s votes increased, and reports indicate that voters will go to the polls more strongly.
Trump winning the election is important for cryptocurrency investors because the Biden administration has adopted an extremely negative approach towards crypto for years. Especially after the FTX collapse, we saw unfortunate statements targeting the entire crypto ecosystem. There were days when major US-based crypto companies planned to move to alternative countries like the UAE just for being crypto-friendly.
However, this is changing. Trump is clearly crypto-friendly. Moreover, he will speak at a Bitcoin conference this week. Trump, who makes very positive statements to gain the votes of crypto investors, is making impressive promises.
SEC Chairman Will Resign
Biden’s term is ending, and Trump is expected to take office after the November elections. However, even if the Democrats’ potential candidate Harris wins the elections, SEC Chairman Gensler will resign. Gensler, who is part of Biden’s team, is expected to submit his resignation by February 2025 (from November onwards).
So, at worst, the cryptocurrency markets will bid farewell to Gensler by early 2025 or earlier. If Trump wins the elections and the new SEC Chairman does not have a negative approach towards crypto, this could solve many problems, including the absurdity of considering all altcoins as securities. Indeed, Trump’s victory as a crypto-friendly candidate will compel him to deliver something to this massive voter base.
In the coming weeks, it would not be surprising if these expectations support positive sentiment in crypto. BTC is currently close to $67,000.
