SEC will reject all Bitcoin ETFs in January, says Matrixport
Matrixport analysts are anticipating the U.S. Securities and Exchange Commission (SEC) to decline all Bitcoin (BTC) spot ETFs in January.
In the most recent Matrixport publication, titled “Anticipating the SEC’s Denial of Bitcoin Spot ETFs,” analysts project that approval for spot Bitcoin ETF applications might materialize in the second quarter of 2024. Consequently, BTC’s value is predicted to dip to the range of $36,000-$38,000 in January, prompting the suggestion for investors to consider put options or even liquidate their Bitcoin holdings.
Commentators also point out the significance of the current Democratic majority within the five-member commissioner leadership, a crucial factor in ETF approval. Gary Gensler, the head of the regulator, is noted for his lack of support for cryptocurrency in the U.S., making it uncertain whether he would vote in favor of approving spot Bitcoin ETFs.
“From a political perspective, there is no reason to approve a Bitcoin Spot ETF that would legitimize Bitcoin as an alternative store of value. Since traders started betting on an ETF approval in September 2023, at least $14 billion of extra fiat and leverage has been deployed into crypto.”Matrixport report
Despite these challenges, experts remain optimistic about BTC’s future growth. The expected drivers for Bitcoin’s value by year-end are identified as the U.S. presidential election and the Bitcoin halving.
The cryptocurrency community is eagerly awaiting the decision on spot Bitcoin ETFs by January 10. Positive trader sentiment linked to the potential approval of a spot Bitcoin ETF in the United States has contributed to the upward momentum of the leading cryptocurrency. In early January, BTC surpassed the $45,000 threshold for the first time since April 2022.
However, the price of BTC has today — Jan. 4— trading to $43,168.
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