In the past 24 hours, cryptocurrencies have entered an exciting new phase, with implications that will unfold over time. A comprehensive understanding of historical and current trends involving figures like Biden, Trump, and events leading up to November 5, 2024, is crucial for anticipating the expected bull market by early 2025.
What Led to Biden’s Shift?
One notable point is the negative premium for ETHE, which currently stands at around -11%, a significant recovery from last year’s -55%. Given this context, a softening stance from the Biden administration on cryptocurrency is noteworthy. Recent rumors of ETH ETF approval and the significant bipartisan support for the 2023 American Blockchain Utilization Act indicate a changing landscape. The Act, which passed the House with a 334-79 vote, aims to improve U.S. competitiveness in crypto and blockchain sectors.
Will Biden Veto the SEC Measure?
Another key development is the Democrats’ support for the Financial Innovation and Technology for the 21st Century Act (FIT21), which seeks to repeal the SEC’s controversial Staff Accounting Bulletin 121. The critical question remains whether Biden will veto this measure against the SEC. If Biden refrains from using his veto power, it could trigger a short-term boost in cryptocurrency prices.
User-Usable Insights
Concrete takeaways from these developments include:
- Potential ETH ETF approval could lead to significant net outflows and impact market dynamics.
- The bipartisan Blockchain Utilization Act could enhance U.S. competitiveness in the crypto industry.
- Democratic support for FIT21 signals continued legislative backing for crypto advancements.
- Biden’s decision on the SEC measure is crucial for short-term price movements in the crypto market.
The result of these legislative and administrative shifts will become clearer as the U.S. election approaches. Biden’s stance on crypto could evolve further, especially if pressured by Trump’s appeal to crypto-friendly voters. If Biden decides against vetoing SEC measures, it could catalyze significant crypto market activity, possibly pushing Bitcoin to six-figure levels by November 2024. The approval of ETFs and Biden’s veto decision will be pivotal in this unfolding narrative.
