Bitcoin’s recent ups and downs go beyond mere ETF rumors — it’s also influenced by the aftermath of the Bitcoin Halving.
Matrixport, a significant financial firm, forecasts that the SEC is likely to reject all ETF proposals this January due to unmet requirements. Despite a potential fulfillment by Q2 2024, immediate rejections are anticipated.
Last Wednesday, Bitcoin took an 8% plunge, triggered by uncertainty around a possible spot Bitcoin ETF approval. This erased gains from post-January 1 halving, resulting in a $500 million sell-off in derivative positions.
GreeksLive, an options analyst, echoed market sentiment, highlighting fading hopes for ETF approval. Declining crypto mining stocks and U.S. crypto-related stocks further fueled investor doubt.
Recent Reuters reports suggested a potential ETF approval, perhaps by “Tuesday or Wednesday.” However, Matrixport dismissed this optimism, foreseeing rejections due to unmet criteria.
The mix of ETF speculations and post-halving effects has wildly swung Bitcoin’s market. The ongoing impact of the halving, combined with regulatory uncertainties, continues to cloud Bitcoin’s near-term direction.
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