Ethereum

Read

Spot

<ul>
 <li>Matrixport analyst predicts SEC’s rejection of all bitcoin spot ETFs in January.</li>
 <li>Cascading liquidations expected if rejections occur, potentially causing a 20% BTC drop.</li>
 <li>Despite short-term volatility, Matrixport remains bullish on Bitcoin for 2024.</li>
</ul>
Matrixport analyst Markus Thielen has boldly <a href="https://www.matrixport.com/institutions/research/matrix-on-target/813" rel="noopener noreferrer nofollow">asserted</a> that the Securities and Exchange Commission (<a href="https://www.sec.gov/" rel="noopener noreferrer nofollow">SEC</a>) is likely to reject all bitcoin spot ETF proposals this month. While market consensus varies, Thielen insists that these applications still lack a crucial element necessary for SEC approval.
Despite extensive discussions and updated S-1 prospectuses exchanged between applicants and the SEC in recent weeks, Thielen’s report emphasizes the persistent shortcomings that, in his view, hinder approval.
Thielen’s analysis considers political dynamics and compliance concerns. While an approved ETF could catalyze <a href="https://cryptonewsland.com/grayscale-files-amendment-for-spot-bitcoin-etf-approval-at-eleventh-hour/" target="_blank" rel="noopener noreferrer nofollow">crypto adoption in the U.S.</a>, Thielen suggests that SEC Chair Gensler remains skeptical about the industry’s compliance standards.
“SEC Chair Gensler is not embracing crypto in the U.S.,” Thielen notes. “This might be fulfilled by Q2 2024, but we expect the SEC to reject all proposals in January.”
If the SEC indeed rejects bitcoin spot ETF applications this month, Thielen anticipates significant market repercussions. Cascading liquidations could occur as perpetual long bitcoin futures, involving billions of dollars, unwind. This scenario might lead to a sharp 20% drop in bitcoin’s price, revisiting the $36,000 to $38,000 range.
While acknowledging potential short-term volatility, Thielen maintains a <a href="https://cryptonewsland.com/sec-poised-to-approve-bitcoin-etfs-says-reuters/" target="_blank" rel="noopener noreferrer nofollow">bullish outlook for 2024</a>. Drawing on historical patterns in U.S. election years and Bitcoin mining cycles, Matrixport predicts bitcoin’s value to surpass $42,000 by the year-end, providing a positive perspective for long-term investors amid regulatory uncertainties.
Presently, Bitcoin is trading at $42,180, and falling. Similarly, Ethereum is trading at $2,199 and falling. Other popular tokens are also experiencing a rapid plunge at the moment. These include but are not limited to BNB, Solana, XRP, ADA, LTC, INJ, and more.
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/former-sec-chief-predicts-secs-rejection-of-bitcoin-spot-etfs/" rel="noopener noreferrer nofollow">Former SEC Chief Predicts SEC’s Rejection of Bitcoin Spot ETFs</a></li>
 <li><a href="https://cryptonewsland.com/australian-senate-turns-down-crypto-regulation-bill/" rel="noopener noreferrer nofollow">Australian Senate Turns Down Crypto Regulation Bill: What’s Next for Digital Assets?</a></li>
 <li><a href="https://cryptonewsland.com/nft-market-on-dumping-spree-with-massive-bayc-shorts/" rel="noopener noreferrer nofollow">NFT Market on Dumping Spree With Massive BAYC Shorts</a></li>
 <li><a href="https://cryptonewsland.com/sec-acknowledges-valkyries-spot-bitcoin-etf-with-nasdaq-listing/" rel="noopener noreferrer nofollow">SEC Acknowledges Valkyrie’s Spot Bitcoin ETF With Nasdaq Listing</a></li>
 <li><a href="https://cryptonewsland.com/us-sec-continues-delays-on-bitcoin-spot-etf-decisions/" rel="noopener noreferrer nofollow">US SEC Continues Delays on Bitcoin Spot ETF Decisions</a></li>
</ul>
The post <a href="https://cryptonewsland.com/massive-crypto-market-dump-from-secs-possible-rejection-of-all-bitcoin-spot-etfs/" rel="noopener noreferrer nofollow">Massive Crypto Market Dump From SEC’s Possible Rejection of all Bitcoin Spot ETFs</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Massive Crypto Market Dump From SEC’s Possible Rejection of all Bitcoin Spot ETFs

Crypto News Land

Other articles published on Jan 3, 2024

Goldman Sachs Eyes Active Participant Role In Spot Bitcoin ETFs

Why $500 Million in Cryptos Were Liquidated Within 1 Hour

Cryptobanter Confident in Altcoins as Solana (SOL) Surpasses $100 Mark – Pullix (PLX) Achieves Si...

Bitcoin (BTC) Price Slumps Over Unconfirmed ETF Rejection News, Analyst Noted

Bloomberg analyst uncovers scenarios for spot Bitcoin ETF rejection

Why Dogecoin (DOGE), Pepe (PEPE) and Shiba Inu (SHIB) investors are turning to Pushd (PUSHD)

Join our free newsletter for daily crypto updates!