Unlikely for Greek residents: Approval of Bitcoin ETF not expected before the second week of January.
Options trading analysts have identified January 10th as a potential date for the US Securities and Exchange Commission (SEC) to make a decision on spot Bitcoin ETFs. However, there is speculation that all applications may be rejected, leading to a bearish outlook. Greekslive has suggested that the SEC’s decision may not come until after January 7th, based on the stock price actions of crypto mining operations and digital asset-related companies in the US.
The report comes at a time when there is much speculation surrounding 14 spot Bitcoin ETF applications, including those from major traditional finance firms like BlackRock, as well as crypto-native entities like Hashdex. In the past, the SEC has consistently rejected such applications, but recent developments, including multiple meetings and updated filings, have given rise to optimism that the outcome may be different in 2024.
However, some experts believe that the SEC may choose to further delay the approval of spot Bitcoin ETFs beyond January. Matrixport, for example, has suggested that the SEC could reject all bids for a fund that invests in Bitcoin at spot prices, potentially leading to litigation against the SEC. This prediction is based on a previous court ruling in the Grayscale case.
Following the release of the report from Matrixport, Bitcoin experienced a significant 7% drop in price, falling below $43,000. This drop also triggered over half a billion dollars in liquidations across the crypto markets within just four hours. Matrixport predicts that Bitcoin will eventually rebound to around $36,000, but also anticipates a surge in prices this month. The crypto startup’s analysts have predicted that Bitcoin will reach at least $50,000 before February and even surpass its previous all-time high to reach over $125,000 by the end of the year.
In summary, options trading analysts have set January 10th as a potential date for the SEC’s decision on spot Bitcoin ETFs, but there is speculation that all applications may be rejected. The report from Matrixport caused a significant drop in Bitcoin’s price, triggering liquidations across the crypto markets. Despite this, Matrixport predicts a rebound in Bitcoin’s price to around $36,000 and foresees a surge in prices this month, with a potential all-time high above $125,000 by the end of the year.
