New Market Crash Triggered by Matrixport Report
The situation resulted from a Matrixport report stating that the SEC will not approve spot BTC exchange-traded funds (ETFs) this month, causing the broader market crash.
More specifically, it stated that the ETF applications are missing important requirements expected by the SEC, which could lead to the postponement of ETF approval until the second quarter of this year.
Furthermore, the report noted that the SEC’s five-person voting Commissioners leadership leans Democrat, with Gary Gensler in particular showing skepticism towards cryptocurrencies.
Immediate Market Impact and Resulting Debacles
The market saw a slump, with Bitcoin price declining 8.51% from $45,308 to $41,454, leading to total market liquidations of at least $540 million. Total open interest dropped to $17.72 billion.
The crash also led to the liquidation of $166.37 million positions, significantly impacting the market and increasing the risk for traders.
Bitcoin’s Future Outlook Amid Market Decline
Despite the crash, Bitcoin has the potential to recover and climb higher, supported by bullish indicators such as rising momentum in the Relative Strength Index (RSI) and the Awesome Oscillator (AO).
Given the increased buying pressure, Bitcoin price could rise significantly and potentially surpass the $50,000 level.
Potential Scenarios and Promising Alternatives
If the Matrixport report is accurate, Bitcoin price could plummet, but if it proves false, Bitcoin price could maintain its upward trajectory towards $50,000.
However, investors have already turned to Bitcoin Minetrix, a cloud-mining project providing a secure and low-risk alternative to traditional Bitcoin trading.
Bitcoin Minetrix as a Game-Changer in Crypto Mining
Bitcoin Minetrix offers a promising alternative to traditional Bitcoin investment, providing a tokenized cloud mining platform that aims to revolutionize accessibility and safety in mining.
The project has seen significant traction, reaching upwards of $7.422 million in sales and showing potential for continued growth and success.
Hot Take
Following a market crash triggered by the Matrixport report, Bitcoin Minetrix presents itself as a viable, secure alternative to traditional Bitcoin trading. With strong sales and potential for growth, Bitcoin Minetrix is gaining attention as an innovative cloud mining platform that seeks to make BTC ownership accessible to all.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies. Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.