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Donald Trump Victory Could See Dan Gallagher as Next SEC Chair

Published

6 hours ago

October 8, 2024

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In the event of a Trump victory, Dan Gallagher is likely to replace Gary Gensler as the US Securities and Exchange Commission (SEC) Chair.

Gallagher may have a tough road to potential confirmation, but crypto’s relationship with regulators is only looking rosier.

Trump’s Pledge to Replace Gensler

According to rumors from Politico, Robinhood’s Chief Legal Officer Dan Gallagher is likely to head the Securities and Exchange Commission (SEC) in the event Donald Trump wins the upcoming US election. Politico claimed this scoop came from a “dozen former top regulators, lobbyists, and securities lawyers,” all speaking anonymously.

The US Presidential Election will take place on November 5, and crypto will likely be an important issue. At the Bitcoin Conference in Nashville this July, Trump promised to remove Gary Gensler as SEC chair. This promise won raucous cheering from the crowd, seemingly taking him aback.

“I didn’t know he was that unpopular! I didn’t know he was THAT unpopular. Let me say it again: on day one, I will fire Gary Gensler,” Trump claimed, reacting to the crowd’s outsized approval.

A popular promise like this could electrify potential voters, and that’s a good reason for Trump to carry it out. Setting aside the legal question of whether or not Trump can unilaterally fire Gensler, there’s another obvious question. Who can replace him?

Gallagher’s Qualifications

Dan Gallagher, Chief Legal Officer at Robinhood, has already been identified as a strong contender. Before taking a job at Robinhood, Gallagher previously served as one of the SEC’s five commissioners, and a former SEC official called him “a natural choice.” Politically, he would align with a potential Trump administration.

Robinhood has also intensified its crypto strategy in the past year, making Gallagher an even stronger contender as a pro-crypto standard bearer. However, this may be politically awkward, as Robinhood has faced SEC lawsuits this year. Gallagher has already spoken out on this battle:

“It’s a dog of a case. We’ve been forgoing revenue for the company by not going hog wild listing coins, and I think that puts us in a very, very unique position. Shooting at the good guys is a really bad policy,” claimed Gallagher.

As a result, Gallagher could face contentious confirmation hearings if he gets close to Gensler’s position. Ultimately, though, this won’t be his biggest obstacle. Before any of these things happen, Trump has to win a very contentious election.

Presidential Election Winner Odds. Source: Polymarket

In a moment where Trump’s Republican Party is casting itself as the pro-crypto option, Gallagher seems a real favorite. As the election approaches, however, both parties are tacking towards a crypto-friendly position. Regardless of the outcome in November, there’s a clear takeaway: the pressure is building everywhere for a new and positive direction in crypto policy.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Chair Dan Donald Gallagher SEC Trump Victory

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Ethereum Price Dips Again: Is This a Buying Opportunity?

Published

29 mins ago

October 8, 2024

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Ethereum price extended its increase above the $2,500 zone. ETH is now correcting gains and might find support near the $2,400 zone.

Ethereum started a downside correction from the $2,520 zone.
The price is trading below $2,450 and the 100-hourly Simple Moving Average.
There was a break below a key bullish trend line with support at $2,450 on the hourly chart of ETH/USD (data feed via Kraken).
The pair must stay above the $2,400 support level to start another increase in the near term.

Ethereum Price Corrects Gains

Ethereum price extended its upward move above the $2,400 level. ETH was able to clear the $2,450 resistance to move into a positive zone like Bitcoin. The price was able to climb above the $2,500 resistance zone.

However, the bears were active above $2,500. A high was formed at $2,519 and the price started a downside correction. There was a move below the $2,450 support level. The price dipped below the 23.6% Fib retracement level of the upward move from the $2,311 swing low to the $2,519 high.

Besides, there was a break below a key bullish trend line with support at $2,450 on the hourly chart of ETH/USD. Ethereum price is now trading below $2,450 and the 100-hourly Simple Moving Average.

However, the bulls are protecting the 50% Fib retracement level of the upward move from the $2,311 swing low to the $2,519 high. On the upside, the price seems to be facing hurdles near the $2,450 level. A clear move above the $2,450 resistance might send the price toward the $2,500 resistance.

An upside break above the $2,500 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,580 resistance zone in the near term. The next hurdle sits near the $2,650 level or $2,665.

More Losses In ETH?

If Ethereum fails to clear the $2,450 resistance, it could start another decline. Initial support on the downside is near the $2,420 level. The first major support sits near the $2,400 zone.

A clear move below the $2,400 support might push the price toward $2,320. Any more losses might send the price toward the $2,250 support level in the near term. The next key support sits at $2,120.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,400

Major Resistance Level – $2,450

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Market

This Is How Bitcoin (BTC) Price Could Rally 20%

Published

1 hour ago

October 8, 2024

admin

Bitcoin’s (BTC) price has shown signs of recovery in recent days following a sharp decline at the beginning of October. After dipping below key support levels, BTC has rebounded, giving hope to investors that a significant rally could be on the horizon.

For Bitcoin to experience a 20% increase, it must flip a critical resistance level into support. The upcoming days will be crucial in determining whether the cryptocurrency can break through this barrier and sustain the momentum necessary for a potential surge.

Bitcoin Backers Are Back

Institutional interest in Bitcoin has resurged, marking a significant shift in market sentiment. On Monday, spot Bitcoin ETFs saw the largest inflows, with $235 million entering the market.

This came after several days of outflows, indicating a renewed appetite for the cryptocurrency among ETF investors. The influx of capital suggests that institutional and retail investors are once again viewing Bitcoin as a valuable asset, contributing to the bullish outlook.

This rise in interest is a positive indicator of Bitcoin’s price trajectory. When institutions start accumulating, it often signals confidence in the asset’s future. The increased inflows into spot BTC ETFs also reflect broader market interest, further supporting the possibility of Bitcoin achieving its target of a 20% rally in the near term.

	IBIT	FBTC	BITB	ARKB	BTCO	BRRR	HODL	GBTC
27 Sep 2024	110.8	123.6	12.9	203.1	3.3	3.3	11.2	26.2	494.4
30 Sep 2024	72.2	8.3	(9.7)	(9.5)	0.0	0.0	0.0	0.0	61.3
01 Oct 2024	40.8	(144.7)	(32.7)	(84.3)	0.0	0.0	(15.8)	(5.9)	(242.6)
02 Oct 2024	(13.7)	21.1	(11.5)	(60.3)	0.0	0.0	0.0	0.0	(64.4)
03 Oct 2024	36.0	(37.2)	2.6	(58.0)	2.4	0.0	0.0	0.0	(54.2)
04 Oct 2024	0.0	13.6	15.3	5.3	0.0	0.0	5.3	(13.9)	25.6
07 Oct 2024	97.9	103.7	13.1	12.6	2.5	0.0	5.4	0.0	235.2

Bitcoin Spot ETF Netflows. Source: Farside

Additionally, long-term holders (LTHs) continue to exhibit strong conviction in Bitcoin, further boosting macro momentum. The Hodler Net Position Change indicator has shown positive figures since mid-August, demonstrating that LTHs have been in accumulation mode. This trend continues, as recent data indicates that LTHs are once again increasing their positions, adding to Bitcoin’s overall strength.

The sustained accumulation by long-term holders suggests that these key market participants believe in Bitcoin’s potential for further price appreciation. As LTHs hold onto their assets, the circulating supply reduces, creating a more favorable environment for a potential price surge. This macro momentum could help propel Bitcoin toward the much-anticipated 20% rally.

Bitcoin Hodler Net Position Change. — Bitcoin US Spot ETF Balance. Source: Glassnode

BTC Price Prediction: Reigniting Hope

Currently at $62,273, Bitcoin’s price has already broken out of a double-bottom pattern formed in September. However, the price is now once again trading below the neckline of the double-bottom pattern.

It has not yet gained enough momentum to realize the 20% rally predicted by the pattern. The target price remains $75,979, which would surpass Bitcoin’s previous all-time high of $73,787.

At the moment, the factors driving institutional interest and long-term holder accumulation point to Bitcoin possibly making another attempt at the rally. This will be confirmed if BTC breaks the $63,068 resistance and flips $65,000 into support. Such a move could trigger the next leg up, reinforcing the bullish thesis.

Bitcoin Price Analysis. Source: TradingView

However, if Bitcoin fails to breach $63,068, the price may return to $59,666. Losing this support would invalidate the double-bottom pattern and also undermine the bullish outlook, potentially leading to a deeper correction.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Market

XRP Price Struggle Continues: Can Bulls Turn It Around?

Published

3 hours ago

October 8, 2024

admin

XRP price is struggling to rise above the $0.550 level. The price must clear the $0.5450 and $0.5500 resistance levels to start a decent increase.

XRP price is still consolidating above the $0.5080 support.
The price is now trading near $0.5250 and the 100-hourly Simple Moving Average.
There was a break above a key bearish trend line with resistance at $0.5380 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could gain bullish momentum if it clears the $0.5450 and $0.5500 resistance levels.

XRP Price Eyes Upside Break

XRP price remained well-bid above the $0.5080 support level, unlike Bitcoin and Ethereum. The price started a slow upward move above the $0.5220 and $0.5320 resistance levels.

There was a break above a key bearish trend line with resistance at $0.5380 on the hourly chart of the XRP/USD pair. However, the bears were active near the $0.5450 resistance level. They protected the 23.6% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low.

The price is now trading near $0.5250 and the 100-hourly Simple Moving Average. If there is another increase, the price might face resistance near the $0.5350 level. The first major resistance is near the $0.5450 level.

The next key resistance could be $0.5500. A clear move above the $0.5500 resistance might send the price toward the $0.5850 resistance. It is close to the 50% Fib retracement level of the downward wave from the $0.6640 swing high to the $0.5070 low. Any more gains might send the price toward the $0.6000 resistance or even $0.6050 in the near term. The next major hurdle might be $0.6250.

Another Decline?

If XRP fails to clear the $0.5450 resistance zone, it could start another decline. Initial support on the downside is near the $0.5220 level. The next major support is near the $0.5150 level.

If there is a downside break and a close below the $0.5150 level, the price might continue to decline toward the $0.5050 support in the near term. The next major support sits near the $0.5000 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $0.5250 and $0.5120.

Major Resistance Levels – $0.5450 and $0.5500.

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