Matrixport Investment Research: SEC changes leadership, investors may continue to benefit in 2025

US President-elect Trump has formally nominated 暗号currency advocate Paul Atkins as chairman of the US Securities and 交換 Commission (SEC). Atkins advocates respect for free markets, capital formation, and investor choice, and emphasizes the important role that digital assets and other innovative technologies play in driving US economic growth.

The market responded quickly, and after two weeks of consolidation, the price of BTC finally broke through the $100,000 mark. At the same time, Trump publicly proposed on November 19 to cancel the capital gains tax on cryptocurrencies issued in the United States. This move is of great significance to the payment-focused US cryptocurrency and will greatly promote the adoption rate. Influenced by the above events, market sentiment is extremely optimistic, and traders are full of confidence and are preparing for further gains in the future. BTC perpetual contract trading activity has increased significantly, the annualized funding rate has soared to +80%, and futures open interest has reached a new cycle high. However, due to the surge in XRPs trading volume (up to $7.5 billion in the past two days), BTCs dominance has dropped to 54.3%, the lowest point since April 2024.

At the same time, the ISO 20022 standard will become mandatory in November 2025. Cryptocurrencies like XRP that comply with the ISO 20022 standard are particularly suitable for acceptance by banks and central banks for settlement and other financial functions.

ISO 20022 compliance improves the suitability of cryptocurrencies for financial institutions, aligning them with international banking standards and is an important step in the integration of cryptocurrencies into the global financial system. The narrative surrounding the ISO 20022 standard and the SWIFT payment network, coupled with Trump’s pro-crypto policy measures, is expected to continue to drive altcoins’ upward momentum before the full implementation of the ISO 20022 standard in 2025.

The trading landscape has changed significantly since Trumps election. The altcoin market has presented increasingly attractive investment opportunities over the past few weeks. Bitcoin is still showing strong momentum, but the widely expected cycle top may not be the same as in the past. Traditional cycle theory may be outdated, and changes in market dynamics may prevent the sharp cyclical declines of the past.

Bitcoin could see a steady flow of buyers during price declines. Considering that Bitcoin was trading between $40,000 and $45,000 when these ETFs were launched in January 2024, and the average purchase price of Bitcoin ETF buyers was about $65,000, the price would need to fall 35% for these buyers to suffer losses. Instead, these investors are currently enjoying significant profits and may consider increasing their allocations as 2025 arrives.

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