Massive Crypto Market Dump From The SEC's Possible Rejection of All Bitcoin Spot ETFs

https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimnnAGS_gDpcTPYW2NFGlBZMp4AlQ8kUVLQ4oEooHHqYxlRgDF9aAyV3j5IaGMhhKdzZvGT3Zq5qH4586zOB7BiIAcKKrlpTF1Dlcz09MvX6dpsnPNhTal9HGr7KUaIy6tBKOGAd0iXXcJXH31Y8ToYvpE35o91ipHL9ZPaK7rvMdKj3axQl3wWCF6EcI/s16000/google-news.webp

Massive Crypto Market Dump From The SEC's Possible Rejection of All Bitcoin Spot ETFs

Contents

  • A Matrixport analyst forecasts the Securities and Exchange Commission (SEC) will decline all bitcoin spot exchange-traded funds (ETFs) in January
  • If rejections occur, it is anticipated that cascading liquidations will follow, which may ultimately result in a 20% decline in BTC
  • Matrixport has a positive outlook on Bitcoin into 2024 despite temporary fluctuations in its value

Matrixport analyst Markus Thielen has said that the Securities and Exchange Commission (SEC) is expected to reject all bitcoin spot ETF applications this month. Although there is disagreement among market experts, Thielen asserts that these petitions still need a vital component required for SEC clearance.

Thielen's assessment highlights the ongoing deficiencies that, in his opinion, impede approval, notwithstanding the considerable conversations and amended S-1 prospectuses shared between applicants and the SEC in recent weeks.
Thielen's study considers the political dynamics and considerations related to compliance. Although the approval of an ETF might stimulate the adoption of cryptocurrencies in the United States, Thielen indicates that SEC Chair Gensler maintains a critical stance on the industry's adherence to regulatory norms.
"

SEC Chair Gensler is not showing support for cryptocurrency in the United States," Thielen points out. "We anticipate that the fulfillment of this objective will likely occur by the second quarter of 2024. However, we anticipate that the Securities and Exchange Commission (SEC) will reject all proposals in January."

Thielen expects substantial market consequences if the SEC rejects bitcoin spot ETF proposals this month. Perpetual long bitcoin futures, involving billions of dollars, unwinding might lead to cascading liquidations. This situation might result in a significant 20% decline in bitcoin price, returning to the range of $36,000 to $38,000.

Thielen is optimistic about the prospects for 2024, albeit recognizing the possibility of temporary fluctuations in the near term. Based on past trends in U.S. election years and Bitcoin mining cycles, Matrixport forecasts that the value of Bitcoin will exceed $42,000 by the end of the year. This prediction offers a favorable outlook for long-term investors despite the uncertainty surrounding regulations.

Currently, the price of Bitcoin stands at $42,180 and is declining. Similarly, the current market value of Ethereum is $2,199, which is declining. Additionally, several widely used tokens are now seeing a significant decline. These cryptocurrencies include BNB, Solana, XRP, ADA, LTC, INJ, etc.

  Tags : Altcoin  Bitcoin  BTC  Crypto market  cryptocurrency  Ethereum  Solana  Spot Bitcoin ETF XRP 

Previous Post Next Post

Contact Form