Clash of Predictions Emerges as Bitcoin ETF Decision Approaches
As the deadline approaches for the approval or rejection of the highly-anticipated Bitcoin ETF applications by major asset managers, there is a clash of predictions regarding the outcome. With just two days remaining until the expected news from the US Securities and Exchange Commission (SEC), crypto investment services provider Matrixport and 10x Research expect the regulator to reject all applications for listing a spot Bitcoin ETF this month.
Matrixport’s ETF Rejection Prediction Causes Bitcoin Price Dip
In a note released on Wednesday, Matrixport stated that all applications fall short of a critical requirement for SEC approval. While this requirement may be met by the second quarter of 2024, Matrixport anticipates that the SEC will reject all proposals in January. The firm believes that SEC Chair Gensler, known for his cautious approach to cryptocurrencies, may be unlikely to vote in favor of approving Bitcoin Spot ETFs.
Conflicting Information On Bitcoin ETF Approval?
In response to speculation raised by Matrixport and 10x Research’s report suggesting another wave of rejections for Bitcoin ETF applications, Erich Balchunas, Bloomberg’s ETF expert, expressed skepticism regarding these predictions. The report from 10x Research claims that despite widespread anticipation for SEC approval of these index funds, they assert that all applicants must address a “crucial requirement” that has not been disclosed. Balchunas questioned the sources behind 10x Research’s claims and noted that multiple mainstream news reporters with inside sources have indicated the likelihood of approval.
Bitcoin Price Recovery After Temporary Dip
After a temporary decline to the $40,800 level, Bitcoin has regained the $42,300 milestone. Sustaining this level of support is crucial for initiating a recovery, as it has proven to be significant in the past.
Hot Take: Uncertainty Surrounds Bitcoin ETF Decision
The approval or rejection of these Bitcoin ETF applications will undoubtedly impact the price dynamics of the largest cryptocurrency, with the market eagerly awaiting the decision and its implications on Bitcoin’s price movement. While conflicting predictions and speculation surround the outcome, it remains uncertain whether the SEC will approve or reject the applications. Traders and investors are advised to closely monitor the news from the SEC to gauge the future direction of Bitcoin’s price.
By
By
By
By
By