Bitcoin Plummets Over 9% On Pessimistic ETF Report: 'We Expect The SEC To Reject All Proposals In January'
Portfolio Pulse from Murtuza Merchant
Bitcoin's price dropped over 9% after Matrixport released a report predicting the SEC will reject all Bitcoin Spot ETF proposals in January 2024. The report cites the political composition of the SEC and Chair Gary Gensler's cautious stance on crypto as reasons for the likely rejections. The drop caused $500 million in liquidations across derivatives exchanges. Matrixport advises traders to hedge against further declines but maintains a positive long-term outlook for Bitcoin.
January 03, 2024 | 1:38 pm
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NEGATIVE IMPACT
Bitcoin's value plummeted over 9% following a pessimistic report from Matrixport, which anticipates the SEC rejecting all Bitcoin Spot ETF proposals in January 2024. The report has led to significant market liquidations and may cause further volatility.
The report from Matrixport directly impacts Bitcoin's market perception and investor sentiment, leading to a sharp decline in price and significant liquidations. The negative outlook on the approval of Bitcoin Spot ETFs by the SEC is a critical factor influencing Bitcoin's short-term price movement.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100