Matrixport states that the SEC is set to dismiss all Bitcoin ETFs in January.
Matrixport analysts are anticipating that the U.S. Securities and Exchange Commission (SEC) will reject all Bitcoin spot ETFs in January. In their recent report titled “Why the SEC will REJECT Bitcoin Spot ETFs again,” the analysts project that approval for spot Bitcoin ETFs may not come until the second quarter of 2024. Consequently, they predict that the price of BTC will decline to a range of $36,000-$38,000 in January and recommend that investors consider purchasing put options or even selling Bitcoin directly.
The analysts also highlight the significance of the current five-member commissioner leadership, which is primarily composed of Democrats, in the approval of ETFs. Furthermore, they note that the head of the SEC, Gary Gensler, is not in favor of cryptocurrency in the United States, making it unlikely for him to vote in favor of approving spot Bitcoin ETFs.
Despite these prospects, experts still anticipate further growth in the price of BTC. They identify two key factors driving the cost of Bitcoin towards the end of the year: the U.S. presidential election and the Bitcoin halving.
Many members of the cryptocurrency community are eagerly awaiting approval for spot Bitcoin ETFs by January 10. The positive sentiment surrounding the potential approval of a spot Bitcoin ETF in the United States has contributed to the increase in the value of the leading cryptocurrency. In early January, the price of BTC surpassed the $45,000 mark for the first time since April 2022.
However, as of January 3, the price of BTC has experienced a 7.1% decline in 24-hour trading, reaching $42,481.
Stay updated with the latest news by following us on Google News.
