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Home BREAKING NEWS

Spot Bitcoin ETF Still at 90% Chance of Approval States Expert Analyst

BlockNews.com Team by BlockNews.com Team
January 3, 2024
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 2 mins read
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  • Report from Matrixport predicts SEC will reject all Bitcoin ETF applications in January, sparking a flash crash in Bitcoin’s price.
  • Bitcoin price plunged as low as $41,804 during the crash, down 7% on the day, resulting in over $550 million worth of long positions being liquidated.
  • The bearish prediction goes against consensus views that SEC approval of a Bitcoin ETF is likely this year after Grayscale’s court win, but shows the impact predictions can have on crypto prices when leverage is high.

Bitcoin‘s price fell sharply on Wednesday morning after a report predicted the SEC would reject all pending Bitcoin ETF applications in January. The bearish forecast panicked traders, resulting in over $500 million worth of liquidations.

JUST IN: Bloomberg analyst @EricBalchunas believes there is still a 90% chance the Spot #Bitcoin ETF gets approved pic.twitter.com/6rpKvCtfaE

— BlockNews.com (@blocknewsdotcom) January 3, 2024

Report Predicts SEC Rejections of Bitcoin ETFs

The flash crash was sparked by a report from Matrixport titled “Why the SEC will REJECT Bitcoin Spot ETFs again.” The report suggested none of the Bitcoin ETF applications will be approved by the SEC in January, despite previous meetings between applicants and SEC staff. Matrixport believes approval is more likely in Q2 2024.

Mass Liquidations Follow Price Plunge

Bitcoin plunged as low as $41,804 during the crash, down 7% on the day. According to Coinglass, over $550 million worth of long positions were liquidated in the past 24 hours. The report came out around 5am ET, when leverage was high and longs were aggressive.

Conclusion Paragraph

The bearish prediction goes against consensus views that SEC approval of a Bitcoin ETF is likely this year after Grayscale’s court win. But the short-term market impact demonstrates the power predictions have to move crypto prices, especially when leverage is high.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: Bitcoin ETFBusinesscryptoETFsec
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BlockNews.com Team

BlockNews.com Team

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