Categories: U.S. Regulation

Underestimating The Orange Pill: Bitcoin Spot ETF Proposals to Be Rejected by SEC, Stated by Matrixport

Bitcoin’s bull run has been brought to a screeching halt, with the cryptocy plunging to under $42,000 in a matter of minutes on Wednesday morning. Per data from CoinGecko, Bitcoin’s price has dropped by 7.3% in the past 24 hours, with the cryptocy currently trading at around $42,200. Bitcoin’s price tumbled as low as $41,804 during the crash, erasing gains seen in the past week. Over $550 million in crypto long positions were liquidated in the past 24 hours, per data from CoinGlass, including $104 million in Bitcoin longs in the past hour alone. Other cryptocurrencies in the top 10 plunged alongside Bitcoin, with Ethereum slumping by 8.8% to just under $2,200, while Solana crashed by over 15% in the past 24 hours to under $100. XRP crashed by over 10%, while Cardano fell by 14% and Avalanche by 15%. The price slump comes as the crypto market braces for the SEC’s decision on whether or not to approve multiple spot Bitcoin ETF applications in the coming days, with some analysts speculating that it will be a “sell-the-news” event. In a research note, Matrixport analyst Markus Thielen yesterday argued that the SEC would likely reject all applications for a spot Bitcoin ETF in January, in contrast to the optimistic stance expressed by Bloomberg Intelligence and JP Morgan analysts.
Terron Gold

Recent Posts

Nasdaq Bets $100 Million on Kraken Parent Payward to Put Wall Street Stocks Onchain

Nasdaq is deepening its push into tokenized markets with a $100 million investment in Payward,…

5 days ago

MoneyGram Turns Stablecoins Into Everyday Money With New Mastercard

MoneyGram is pushing stablecoins beyond crypto trading and remittances with a new payment card designed…

5 days ago

Hunter Biden’s LAPTOP Memecoin Crashes 98% Within an Hour After Wild $1.6 Billion Debut

Hunter Biden’s newly launched LAPTOP memecoin delivered exactly the kind of chaos critics warned about…

6 days ago

Jack Dorsey’s Block Wants a Federal Bank Charter for Bitcoin and Stablecoin Custody

Jack Dorsey's Block is making another major move into regulated finance, applying to create a…

7 days ago

ChatGPT, Claude, Gemini and Grok Go Down in Rare Simultaneous AI Outage

Some of the world's biggest AI platforms experienced overlapping service disruptions on Thursday, September 3,…

2 weeks ago

U.S. Government Puts GDP and Inflation Data Onchain With Chainlink

Official U.S. economic data is moving directly onto public blockchains. The U.S. Department of Commerce…

2 weeks ago