Matrixport Says SEC Will Reject All Bitcoin ETFs in January
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Matrixport analysts expect the U.S. Securities and Exchange Commission (SEC) to reject all Bitcoin (BTC) spot ETFs in January.
exist Latest Matrix Report“Why the SEC will reject Bitcoin spot ETFs again”, analysts predict that all Bitcoin spot ETF applications may be approved in the second quarter of 2024. Therefore, the BTC price will fall to $36,000-38,000 in January, and investors are advised to buy put options or even sell Bitcoin directly.
Experts also recalled that the current leadership of the five commissioners crucial to ETF approval is dominated by Democrats. Furthermore, the head of the regulator, Gary Gensler, is not a supporter of cryptocurrencies in the United States, and it may not be easy to even count on him to vote to approve a spot Bitcoin ETF.
“From a political perspective, there is no reason to approve a Bitcoin spot ETF that would legitimize Bitcoin as an alternative store of value. Since traders began betting on the ETF’s approval in September 2023, at least $14 billion in additional fiat and Leverage has been deployed into the cryptocurrency space.”
Matrix port report
However, despite this outlook, experts still expect Bitcoin prices to rise further. The two main catalysts for Bitcoin price growth at the end of the year are the U.S. presidential election and the Bitcoin halving.
Many in the cryptocurrency community are awaiting the January 10 approval of a spot Bitcoin ETF. Positive sentiment among traders over the possible approval of a U.S. spot Bitcoin ETF has boosted the price of the first cryptocurrency. In early January, BTC price exceeded the $45,000 mark for the first time since April 2022.
However, today (January 3) the price of BTC fell 7.1% in 24-hour trading to $42,481.
