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Bitcoin ETF Rejection Rumor Hits BTC Price Hard! Matrixport, a cryptocurrency company, has stated that the spot Bitcoin ETF applications submitted to the SEC will not be approved in January. The report published by the company stated that five of the SEC’s five authorized members are Democrats, and this situation challenges SEC Chairman Gary Gensler to approve the spot Bitcoin ETF.
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An analysis published by the Matrixport platform in the morning hours shook the markets. As the decision day for Bitcoin ETFs approaches, the market is expected to be quite volatile. Although the vast majority say “it will be approved,” some institutions, such as Matrixport, say there is a possibility of postponement.
What Is the Matrixport Bitcoin ETF Report Based On?
Following Gary Gensler’s statements in December 2023, it was stated that Gensler believes that the cryptocurrency sector should apply stricter laws. The report included the comment, “From a political standpoint, there is no reason to approve a spot Bitcoin ETF.”
Over the past few weeks, Matrixport has predicted that the Bitcoin price could reach $45,000 by the end of 2023, based on its analysis. However, the company stated that selling Bitcoin could be a suitable investment option if the SEC does not approve the ETFs by January 5th. In addition, with concerns that a rejection decision could trigger a 20% decline in Bitcoin value, Matrixport added that Bitcoin ETF applications could be approved in the second quarter of 2024.
Despite this possible rejection scenario, Matrixport stated that they expect Bitcoin to be above its current price by the end of 2024 and stated that “election periods and halving periods in the United States have generally had a positive impact.”
Finally, after Matrixport’s statements, Bitcoin experienced a sharp decline. Bitcoin’s price fell from $45,400 to $41,500 and there were serious declines of over 10% in most cryptocurrencies. The 10% Bitcoin price drop that occurred in the last hour caused the liquidation of a total of $480 million in positions.