US Securities and Exchange Commission to Reject All Bitcoin ETF Applications
According to analyst Markus Thielen, all spot Bitcoin ETF applications are expected to be rejected this month due to not meeting the criteria needed for SEC approvals. This is predicted to cause a 20% drop in Bitcoin price.
Consequences of the ETF Rejection
There are predictions of cascading liquidations and the Bitcoin price expected to plunge further into the $36-$38k range. Traders are recommended to hedge their long exposure to the crypto.
Rejection will Lead to Market Plunge
Matrixport expects all spot Bitcoin ETFs to be rejected by the SEC amidst Chair Gary Gensler’s skepticism towards the crypto industry that he deems needs to meet stricter compliance.
Matrix on Target projects a January rejection for Bitcoin Spot ETFs by the SEC, cautioning traders to hedge long exposure. With #SEC Chair Gensler’s skepticism towards #crypto, a potential -20% #Bitcoin price drop is anticipated upon #ETF denial, though a positive end-of-2024… pic.twitter.com/IgaMhBJtiP
Bitcoin to Climb Despite Rejection
The rejection of spot Bitcoin ETFs by SEC will not deter a positive outlook on Bitcoin price by the end of 2024, as per expert predictions.
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