The unexpected withdrawal of Joe Biden from the presidential race has triggered political instability and market volatility, casting uncertainty on the crypto sector's future under a potential Harris administration.
Key Insights:
Political Shift: Joe Biden has officially withdrawn his candidacy for the upcoming U.S. presidential elections.
Regulatory Changes Expected: Analyst Markus Thielen predicts that SEC Chair Gary Gensler, along with several other Democrats in key positions, may soon resign.
Market Impact: Biden’s departure caused significant market disruptions, resulting in extensive liquidations among crypto bulls.
Future Uncertainty: Kamala Harris has stepped up as the Democratic candidate. However, her stance on cryptocurrency support appears to be less favorable, raising concerns about the future regulatory environment for crypto under her leadership.